UK-listed Pharos to ramp up Egyptian activities

Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis

London-listed independent Pharos Energy remains optimistic about the prospects for its Egyptian portfolio, CEO Jann Brown told Petroleum Economist in an interview, as the country emerges from a period of economic crisis. Egypt has seen a “fantastic turnaround” recently, after its economy suffered from a shortage of dollars in 2023. That saw Pharos experience payment delays for its receivables, limiting the funds the independent could invest in the country. “Every dollar that [the government] had was going to pay off their international bank loans... so we were not being paid for our production,” Brown said, stressing that “it was not a liquidity issue for us”, because “all of our cost base w