Egypt LNG Imports Could Continue for Another Five Year

Egypt will continue to import LNG for another five years, oil minister Tarek El-Molla said Saturday, Amwal Al Ghad newspaper reported.

The minister added that the amount of imported shipments will depend on the size of local consumption compared to the production rate.

From being an energy exporter Egypt has turned into an importer due to falling domestic gas output. To fill the demand gas, government has been inking LNG imports deals in past many months. Earlier this month, Egypt selected seven companies out of 12 for supply of 55 shipments of LNG.

The minister on Saturday stressed that earlier new projects, such as the North Alexandria and other discoveries enter into production phase, the sooner Egypt would stop importing LNG.

On the domestic front, Cairo got a big boost recently when Eni made a “world class supergiant gas discovery” at its Zohr prospect. In August the Italian company said the discovery could hold a potential of 30 trillion cubic feet of lean gas in place.