Egypt to Raise $2.5 Bn to Fund LNG Imports

Egypt is planning to raise $2.5 billion to pay for gas imports till the end of December, an energy official told new agency Reuters.

Khaled Abdel Badie, head of state-run Egyptian Natural Gas Holding Company (EGAS), told Reuters the funds were needed to secure supplies for power stations and cover other costs.

The official did not divulge details about how the funds would be raised. However, Reuters pointed that Egypt could also use some part of loans which it has obtained from other Gulf Arab states in recent months.

Egypt is facing a situation of declining domestic natural gas production and has to resort to LNG imports to keep the power plants running.

Electricity demand is highest in summer and lack of gas has caused blackouts, Reuters adds.