Middle East Eye: The Great Egyptian Gas Giveaway?

A BP gas agreement touted as a major success at Egypt’s Sharm el-Sheikh economic conference follows two decades of bartering that has seen the British energy giant gain increasingly better terms without producing any gas.

BP and its partner, RWE Dea, are poised to receive 100 percent of any profits, after paying royalties and taxes, from two offshore Egyptian gas concessions, terms that analysts say reflect an Egypt desperate for gas and a sector run incompetently for years.

Bartering that has lasted for 20 years between BP and Egypt’s state-run gas company has cost the country at least $32 bn in potential revenue, according to a member of a working group that included employees of BP and the Egyptian state-run gas company who analysed previous contracts.

Read the full article HERE.