No sooner has Egypt achieved its milestone of regaining self-sufficiency in natural gas than another corner of the energy market threatens to deal a new blow to fragile government finances.
A six-fold increase in production at the giant offshore Zohr field means Egypt can now meet its own needs domestically. The government may now save some $2 billion a year after receiving what it said was the final shipment of expensive liquefied natural gas last week. But relief for the most populous Arab country -- a net importer of refined gasoline and diesel -- could be short-lived.
