Malaysian Pvt Sector On Top

20 Feb 2013

Even as the Malaysian opposition says the country is facing financial bankruptcy, the private sector in the country is going great guns buying off oilfields in faraway Canada, and the same Petronas group rescheduling the debt owed to it by the Egyptian government! Cairo has already signed an agreement with Petronas in this respect. The other government with which Cairo signed the debt-rescheduling agreement is with the United Kingdom. This shows the heights to which the quasi-private sector has risen in Malaysia.

The Egyptian minister of petroleum, Osama Kamal, while revealing this, has evaded an answer on how much debt amount is involved in the rescheduling with Petronas. Oil producers working in Egypt are estimated by analysts to owe $9 billion - a figure Kamal disputed.

Fresh from the Arab Spring, Egypt is going ahead with finding more oil explorers to exploit resources in the country. Egyptian Prime Minister Hisham Kandil recently met with a delegation from an American energy company, Apache, and BG Group of the UK to discuss investment opportunities in his country. "They (BG Group) have assured, through the meeting, that they will continue investing in Egypt and expressed their interest in increasing it in the future," a statement from the Egyptian cabinet said.