El Molla: Egypt to Stop LNG Imports

El Molla: Egypt to Stop LNG Imports

Egypt will halt imports of liquefied natural gas (LNG) after receiving a final shipment in late September, Minister of Petroleum Tarek El Molla has said in an interview.

The minister told Amr Adib on El Hekaya that the move will save the government $1.5 billion.

Domestic natural gas production has increased enough to become the main energy source for Egyptian industries, he added.

Earlier in September, an anonymous source told Al Borsa that the ministry had estimated savings of around $3 billion as a result of the decision to terminate LNG imports.

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.

El Molla had previously said that the country would stop importing LNG by the end of the 2017/18 fiscal year.

Sarah Samir 2896 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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