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September 5th, 2015 
Awake Goy 
TCP : The International Monetary Fund (IMF) said Friday that Egypt’s major natural gas discovery has the potential to improve its energy position and will contribute broadly to its economy.
On Sunday, Italy’s energy company Eni SpA announced it has discovered a “supergiant” natural gas field in the deep water of Egypt’s Mediterranean.
Eni described “Zohr” discovery as the “largest- ever” found in the Mediterranean Sea, with a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.
“Basically, our view is that the discovery of a major gas deposit has the potential to improve Egypt’s energy position and to contribute to its economy more broadly,” said William Murray, Deputy Head of the IMF’s Communications Department, during a weekly press briefing posted on the IMF website.
Murray further stated that limited information about the find and its exploitation at this stage makes it difficult for the fund to assess the ultimate impact.
Meanwhile, the upcoming Mission Chief for Egypt visit to Cairo later this month for a regular follow-up will give “us (IMF) a chance to explore this matter more actively,” Murray added.
An IMF mission is scheduled to visit Cairo in the middle of September, to discuss latest economic developments with top government officials, MENA quoted IMF’s Egypt Mission Chief, Chris Jarvis Thursday.
The IMF mission was scheduled to visit Egypt in June, but it was postponed to the end of the summer. The visit is a part of the fund’s periodical follow-up operation on the new data of the Egyptian economy.
“Egypt has adopted a “good economic reform program” and also started to implement key to rationalize energy subsidy system,” said Jarvis.
Source Article from http://nsnbc.me/2015/09/05/imf-says-egypts-major-gas-discovery-to-improve-its-energy-position/
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