Reuters
Egypt is working to increase its exports of liquefied natural gas by restarting one of the most important production facilities, to become the most important gas exporter in the world.
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The Egyptian Minister of Petroleum, Tarek El Mulla, said in an interview yesterday, Wednesday, with the consultancy firm Gulf Intelligence, which is based in Dubai, that the Damietta facility, which has been out of business for eight years, will open by the end of February.
The Egyptian minister added that it (the facility) will process about 4.5 million tons of LNG annually and raise the country’s capacity to 12.5 million tons, according to the interview carried by Bloomberg.
The return of Damietta and the other facilities in Idku, whose exports rebounded after declining last year amid the Coronavirus pandemic – will mark a revival of Egypt’s plan to push the LNG business forward.
While the country’s contribution is negligible – accounting for roughly 1% of global LNG supply in 2019 – it will become one of the top 10 exporters if it reaches full production capacity, according to data compiled by Bloomberg.
“In 2020, prices were very low and we could not export except for a few shipments,” Al-Mulla said. “But from October 2020 until now, we have already booked all our supplies for export from the Edco plant until the end of March.”
Al-Mulla said that in the next two weeks, the Egyptian General Petroleum Corporation and “EGAS” will offer onshore and offshore exploration areas to bids from energy companies.
Source: Agencies
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