While Egypt's Oil production is mature and
in decline, substantial gas reserve discoveries insure the energetic
self-sufficiency of the country for many decades to come. Promising
gas and petrochemical export capabilities supplement this.
the industry's importance for the Egyptian economy, CIIC has
a significant portfolio commitment to the oil and gas sector.
Investments in NatGas, a gas delivery company with one of the
most profitable franchises in the country, and Sapesco - the
leading local oilfield services company, echo the potential
of the industry. CIIC was one of the original investors in the
Sidi Kreir ethylene / polyethylene plant project. This project
is now successfully competed and producing high quality product,
much of which is finding export markets.
are, moreover, in the process of focusing on the up-stream.
In their stead, a portfolio of small producing oil fields is
being pursued. These latter assets have the attraction of being
generators of immediate US dollar revenue streams of being amenable
to project financing. Such structured finance leverages CIIC's
in-house corporate finance expertise.