One of the largest Western investors in Egypt’s energy sector, Italy’s Eni, has announced that it is to drill new wells in the country’s flagship Zohr field, the largest gas field in the Mediterranean. This aligns with the West’s energy development strategy in the aftermath of Russia’s 24 February 2022 invasion of Ukraine. At that point, three things became much clearer to the core Western NATO members of the U.S., U.K., and France.
, Egypt’s additional importance is that it is seen in the Arab world as at least as great a power as Saudi Arabia has ever been and bringing it into any sort of meaningful alliance with the West would go some way to counterbalancing the loss of Saudi Arabia to the China-Russia bloc. Logistically as well, Egypt has much more importance to the global gas and oil market than its gas and oil reserves.
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Source: FT - 🏆 113. / 51 Read more »