Through the gas liquefaction plant in Idku, Egypt has exported about 20 shipments of liquefied natural gas (LNG), estimated at 1.3 million tons, from the beginning of 2022 until mid-May, most of them are for the European and Asian markets, Alaa El Dabaa, General Director of Foreign and Government Affairs at Shell, told Al-Sharq.

El Dabaa added that the company supports Egypt’s efforts to transform into a regional energy trading hub.

High gas prices in Europe, especially after the Russian-Ukrainian crisis, turned it into a dominant destination for Egyptian liquefied natural gas, which was historically dominated by Asia. As of April, Europe received 71% of Egypt’s LNG exports this year, with Turkey, Spain, and France leading the import markets.

El Dabaa expected that European markets would acquire a large share of Egyptian gas exports during the coming period, due to soaring demand for natural gas in Europe after the energy crisis they witnessed as a result of the suspension of Russian energy supplies.

Shell and Petronas equally acquire 71% of the Idku plant, while the share of the Egyptian government, represented by the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding (EGAS), owns about 24% and the remaining 5% of the share of the French company ENGIE.