Egypt Explores for Natural Gas With Eye on Exports by 2019

3 Feb 2017   Egypt

Egypt may announce new discoveries of natural gas by the second half of this year, Oil Minister Tarek El Molla said, bringing it closer to its goal of self-sufficiency by 2019. Egypt will start exporting natural gas in 2019, Mohamed El Masry, chairman of Egyptian Natural Gas Holding Co ., told reporters in Cairo. It will import 43 to 45 cargoes of liquefied natural gas between March and December this year from Oman, Russia’s Rosneft PJSC, and France’s Engie SA , to be paid over six months, he said. The Arab world’s most populous country relies on imports to meet its energy needs. Costs have risen sharply since November, when the government allowed the pound to float and raised interest rates in a bid to restore confidence in its economy. Rosneft agreed in December to buy as much as 35 percent of the Shorouk concession, joining Eni SpA and […]

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