Egypt stocks gains $1.6bn in week on giant gas find
Egypt’s stock market posted gains in a week worth 12.7 billion Egyptian pounds (US$1.6 billion) following an announcement of a supergiant gas discovery off the country’s coast.
Eni’s discovery of potentially the world’s largest natural-gas field off the Egyptian coast will be a gamechanger for Egypt and the Mediterranean in terms of energy stability, the CEO of the Italian energy giant told CNBC on Monday.
Eni said that the discovery could satisfy Egypt’s natural gas demand for “decades”.
On Monday, Claudio Descalzi, CEO of Eni, told CNBC: “It is changing the game for Egypt…It is very important for Egypt, but also for the Mediterranean in terms of stability.”
Indices
The country’s main stock index, EGX30 climbed 3 percent to close at 7295.96 points, versus 7078.83 points at the end of a week earlier.
The main gauge index registered its highest point on Thursday closing at 7295.96 points, whereas its lowest point recorded on Sunday at 7055.28 points.
In addition, the mid- and small-cap index, the EGX70 inched higher 1.8 percent in a week closing at 394.85 points during Thursday’s session, compared to 387.06 points at the end of a week earlier.
The price index, EGX100 also surged 2.7 percent finishing at 846.3 points during Thursday’s session, from 824.95 points at the end of a week earlier.
Market Cap
Market capitalisation ended at 450.376 billion pounds last Thursday, compared to 437.685 billion pounds at the end of a week earlier.
Turnovers
Through last week, the trading volume hit around 984.7 million securities, compared to 1.1 billion. For the traded value, it reached 5.7 billion pounds against 4.6 billion pounds a week earlier.
Eni’s ‘Supergiant’ Gas Discovery
Eni SpA announced Sunday it has discovered a “supergiant” natural gas field off Egypt, describing it as the “largest-ever” found in the Mediterranean Sea.
Eni said the discovery — made in its Zohr prospect “in the deep waters of Egypt” — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles).
The discovery well is 190 kilometers (about 120 miles) from the Egyptian coast, and is at a depth of 1,450 meters ( 4,757 feet) in the Shorouk Block, the company said. The block is about 107 kilometers (66 miles) from Port Said.
“Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural gas finds,” Eni said in a statement. “The discovery, after its full development, will be able to ensure satisfying Egypt’s natural gas demand for decades.”
