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Reuters
Egypt is working to increase its exports of liquefied natural gas by restarting one of the most important production facilities, to become the most important gas exporter in the world.
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Egyptian Oil Minister Tariq Al-Mulla said in an interview on Wednesday with Dubai-based consultancy Gulf Intelligence that the Damietta facility, which has been out of service for eight years, will open by the end of February.
The Egyptian minister added that (the facility) will process about 4.5 million tons of LNG annually and raise the country’s capacity to 12.5 million tons, according to an interview by Bloomberg.
The return of Damietta and the other facilities at Idku, whose exports rebounded after declining last year amid the Coronavirus pandemic, will mark a revival of Egypt’s plan to boost the LNG business.
While the country’s contribution is negligible, accounting for about 1% of global LNG supply in 2019, it will become a top 10 exporter if it reaches full production capacity, according to data compiled by Bloomberg.
“In 2020, prices were very low and we were unable to export except for a few shipments,” Al-Mulla said. “But from October 2020 until now, we have already reserved all our supplies for export from the Edco plant until the end of March.”
Al-Mulla said that in the next two weeks, Egypt’s General Petroleum Corporation and “EGAS” will offer onshore and offshore exploration areas to energy company tenders.
Source: Agencies
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