Presidential election race is wide open

An Egyptian election official counts the ballots following the first round of the 2012 presidential election in Cairo, Egypt.

Too close to call: Egypt's first free Presidential election is putting Islamists against men who served with deposed president Hosni Murabak.

AP/SCANPIX

By Nassir Shirkhani London

 24 May 2012 22:59 GMT

Egyptians voted on 23 May in the country’s first freely contested election to choose a president in a race which is ­pitting ­Islamists against men who served under deposed leader ­Hosni Mubarak.

International oil companies are closely watching the vote since it may have wide-ranging implications for the oil and gas industry.

The current Oil Minister, Abdullah Ghorab, is likely to be replaced because he was chosen by the military-led transitional government that replaced Mubarak.

The next oil minister will need to tackle mounting energy subsidies and try to offer international oil companies attractive terms to revive the moribund offshore ­exploration scene.

The Egyptian government needs to raise domestic prices for both gas and refined products if it wants to reduce rising debts to foreign companies.

None…

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