The Egyptian Ministry of Petroleum and Mineral Resources is preparing to export two shipments of liquefied natural gas (LNG) to Europe within a week, Al Arabiya Business reported, citing government sources.

The shipments will be loaded with 240 to 250 million cubic meters of LNG provided from local production and imports at the Idku and Damietta plants by mid-December, the sources said.

The petroleum ministry is planning to export five LNG shipments, including these two, to Europe before the end of 2023, the sources highlighted.

They added that the number of Egyptian LNG shipments exported to Europe has dropped to three shipments so far in the fiscal year (FY) 2023/2024, compared to 80 shipments in FY 2022/2023.

This resulted from the decrease in the local LNG production to between 5.9 and 6.1 billion cubic feet daily as well as the drop in the LNG imports, the sources pointed out.
Source: Arab Finance