Petroleum Ministry agrees to sign revolving Letter of Credit for Zohr
Petroleum Ministry moves to reassure Eni over Zohr.
The Petroleum Ministry has agreed to add a requirement to its agreement with Eni over the Zohr field requiring the state to open a revolving letter of credit facility worth the equivalent of Eni’s stake in production, Al Borsa reported. The move, Petroleum Minister Tarek El Molla says, is meant to reassure Eni that the Egyptian government will meet its financial obligations and reduce risk. El Molla hopes this will help Eni expedite the field’s development.