Egypt to Save $3B in Halting LNG Imports: Anonymous Source

Egypt to Save $3B in Halting LNG Imports: Anonymous Source

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.

Sarah Samir 3401 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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