Egyptian Natural Gas Company (GASCO) received and distributed around 61.5 billion cubic meters (bcm) of natural gas to market sectors in 2018, an increase of 6% year-on-year (YOY), according to Yasser Salah, the company’s Chairman and Managing Director, Egypt Oil & Gas reports.
The announcement came during the general assembly meeting of GASCO to review its 2018 financial results, which was chaired by the Minister of Petroleum, Tarek El Molla.
El Molla stressed the ministry’s strategy to improve the efficiency and capacity of the national natural gas grid, with an increased production resulting from recent discoveries, in order to sustain energy supplies across the country.
Salah presented the company’s achievements last year, including the completion of projects required to operate the new Siemens power stations, and the steps taken to run the ACWA Power plant in Luxor.
GASCO secured 63% of domestic gas demand last year, the chairman noted, adding that the national grid was expanded to reach a total length of 7,620 kilometers, with a capacity of 240 million cubic meters per day (mcm/d).
Developing the national grid is an essential component in Egypt’s strategy to become a regional hub for natural gas trading and re-exporting, the minister added, indicating that health and safety standards are a top priority.
The meeting was also attended by Egyptian General Petroleum Corporation (EGPC) CEO, Abed Ezz El Regal, and Osama Al- Baqly, the head of the Egyptian Natural Gas Holding Company (EGAS).