Egypt announces ambitious plans for LNG exports in 2023
Date
11/13/2023 2:59:28 AM
(MENAFN) Egypt announces ambitious plans for LNG exports in 202An official from the Egyptian government has announced ambitious plans for liquefied natural gas (LNG) exports, aiming to ship up to one million tons before the conclusion of 2023. The government, as revealed in statements to Al Arabiya Business, is strategically balancing the provision of gas for local consumption and imports from Israel. The surplus gas is slated for export during the final quarter of the current year.
The move follows Egypt's successful LNG export endeavors in the previous year, where revenues surged to USD8.4 billion, marking a remarkable 140 percent increase from the USD3.5 billion recorded in 2021. These initiatives align with Egypt's decision to resume LNG exports in October 2023, following a temporary halt during the summer when gas prioritizes domestic consumption. Despite challenges arising from geopolitical events, the official overseeing the initiative intends to direct shipments to European and select Asian markets.
This development forms part of Egypt's broader strategy to bolster its gas production, addressing the surging domestic demand and positioning itself as a pivotal regional gas hub. The Idku and Damietta liquefaction stations, among other marine production facilities, are expected to play a crucial role in achieving Egypt's ambitious goal of exporting 12 million tons annually by the year 2025. The nation's resilience in navigating geopolitical complexities underscores its commitment to leveraging its natural gas resources for economic growth and regional influence.
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