Egyptian natural gas and liquefied natural gas exports reach $8 billion in fiscal year 2021/2022
Egypt’s natural gas and liquefied natural gas (LNG) export revenue recorded $8 billion in fiscal year 2021/2022 after exports increased by 7.2 million tonnes, a revealed a cabinet message earlier today. Exports in the financial year 2013/2014 recorded 1.9 million tonnes.
The statement did not compare numbers between fiscal year 2021/2022 and fiscal year 2020/2021.
Egypt earns about $500 million a month from natural gas exports and aims to raise that figure to $1 billion “in the coming period”, Finance Minister Mohamed Maait previously noted.
The country has accelerated its efforts to boost its natural gas exports to generate foreign exchange earnings as it continues to come under pressure from the Russian-Ukrainian conflict.
Egypt exported 8.9 billion cubic meters (bcm) of LNG last year and 4.7 bcm in the first five months of 2022, according to data from Refinitiv Eikon.
The government noted that gas exports have increased since the introduction of the electricity rationing plan in August, which aimed to increase foreign exchange reserves by diverting more natural gas for export.
The plan calls for limiting the use of strong lights in commercial buildings such as shopping malls, and for all air conditioning units to be kept at at least 25 degrees Celsius. Government facilities, including ministries, have been ordered to turn off lights at the end of working hours, while street lights have also been dimmed.
The government hopes to reduce the amount of gas used to generate electricity by 15%, Prime Minister Mostafa Madbouly said in August. Accelerating growth in Egypt’s natural gas supply, driven by the discovery of the largest field in the Mediterranean, transformed it from a net importer to an exporter at the end of 2018.
Source: Business Today Egypt