The Ministry of Petroleum has estimated that the country will save around $3 billion as a result of halting liquefied natural gas (LNG) imports during fiscal year (FY) 2018/19, a source told Al Borsa.

Egypt has been paying up to $280 million each month to settle LNG import bills and cover the local market’s demands, the source added.

The import bill has fluctuated each month since the Nooros, Zohr, and North Alexandria fields were linked to production.

President Abdel Fattah El Sisi said in late September that Egypt will obtain a surplus of natural gas by April 2019.

The president made his remarks during a dinner organized by the Business Council for International Understanding, held on the sidelines of the 73rd Session of the UN General Assembly.