The Egyptian General Petroleum Corporation (EGPC) pays $3.1 per 1 million thermal unit (mtu) of natural gas from the North Alexandria and West Delta Deep Marine (WDDM), a source at EGPC told Al Borsa.

The price was affected by the decrease in the price of Brent crude, which recently reached $53 per barrel, the source noted.

Egypt buys natural gas shares of international oil companies (IOCs) in natural gas concessions in order to cover local market’s demands.

According to the agreement, the minimum amount for buying gas is $3.1 per 1 mtu, while the maximum amount is $4 per 1 mtu in the event that Brent rises to $100 per barrel, the source explained.