Thu. May 30th, 2024

The Egyptian Ministry of Petroleum and Mineral Resources announced that it will stop exporting liquefied natural gas starting from next May due to increased domestic consumption and to meet the needs of power plants.

The ministry is expected to start importing gas shipments if the country’s consumption exceeds 6.3 billion cubic feet per day.

The Egyptian Ministry of Electricity has started implementing load reduction schedules on the national electricity grid, after the end of the Ramadan month period and the Eid al-Fitr holiday, which will be applied from 11 am to 5 pm.

A source in the Ministry of Petroleum told “Al Arabiya BUSINESS” that the ministry exported nearly 80,000 tons of liquefied gas to Europe during March and April, which are the last shipments designated for export.

Egypt signed a memorandum of understanding with the European Union and Israel in June 2022 to increase gas exports to Europe, but the increase in domestic consumption over the summer made the focus on meeting domestic demand.

According to another source, Egypt’s natural gas production currently ranges between 5.2 and 5.4 billion cubic feet per day and is entirely directed to the domestic market.

Egypt keeps gas imports from Israel at 1.1 to 1.15 billion cubic feet per day, with the potential to rise to 1.2 billion cubic feet during the summer months.

Imports of natural gas from Israel are used to meet the needs of the domestic market, or to re-export it after liquefaction at liquefaction plants in Idku and Damietta.

Egypt went from a gas importer to an exporter in late 2018, thanks to the rapid growth in its gas production, with record exports reaching 8 million tons in 2022.

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