Russia is welcome in the Middle East—up to a point
Arabs encourage Russia's economic advances but are wary of political ones
When Rosneft's chief executive Igor Sechin announced in December 2016 that the Russian firm was taking a 30% share in Egypt's giant offshore Zohr gasfield, Eni had cause to celebrate. For it had further spread the risk associated with developing it, having earlier sold a 10% stake to BP. But Eni's satisfaction was very likely nothing compared to that expressed by President Abdel Fattah el-Sisi when he hosted Sechin at his palace in Cairo. To have a Russian firm involved prominently in a prestige project like Zohr fits with Sisi's strategy of diluting his country's economic dependence on the US and other Western nations. It's a strategy that most Arab governments are adopting. Iraq has welcom
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
