Report: Egypt could become one of the world’s largest exporters of liquefied gas

Egypt is striving to increase its exports of liquefied natural gas by restarting one of the largest production facilities, to become the world’s largest gas exporter.

Read more

Egyptian Oil Minister Tariq Al-Mulla said in an interview with Dubai-based consulting firm Gulf Intelligence yesterday that the Damietta plant, which has been bankrupt for eight years, will open. by end of February.

The Egyptian minister added that it (the facility) would process around 4.5 million tonnes of LNG per year and increase the country’s capacity to 12.5 million tonnes, according to an interview with Bloomberg.

The return of Damietta and other Idku facilities, whose exports rebounded after declining last year amid the coronavirus pandemic, will mark a relaunch of Egypt’s plan to push the LNG sector forward.

While the country’s contribution is negligible – accounting for around 1% of global LNG supply in 2019 – it will become one of the top 10 exporters if it reaches full production capacity, according to data compiled by Bloomberg.

“In 2020 the prices were very low and we couldn’t export except for a few shipments,” Al-Mulla said. “But from October 2020 until today, we have already booked all of our supplies for export from the Edco factory until the end of March.”

Al-Mulla said that in the next two weeks, the Egyptian General Petroleum Corporation and “EGAS” will offer onshore and offshore exploration areas for bids from energy companies.

Source: Agencies

Follow RT on