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Egypt ramped up LNG exports final yr to maximise use of its terminals and additional its function as a hub of Mediterranean and Center Japanese provide to Europe.
Minister of Petroleum and Mineral Sources Tarek El-Molla stated in a press briefing Wednesday that Egypt exported round 8 million tons (Mt) of liquefied pure gasoline throughout 2022, value round $8-8.5 billion.
Primarily based on the ministry’s report, Egypt’s LNG exports grew by nearly 1 Mt from 2021 ranges and greater than 6 Mt in comparison with 2020, based on knowledge from Kpler.
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Turkey was the main vacation spot for gasoline exported from Egypt at 1.6 Mt. Spain was a detailed second vacation spot, with 1 Mt landed. As a complete, export to European locations greater than doubled yr/yr.
Egypt’s general export volumes have been rising exponentially since 2016, when LNG shipments resumed after a quick hiatus. The nation has two crops, the Eni SpA-operated 5 million metric tons/yr (mmty) Damietta plant and the Shell plc-operated 3.6 mmty Egyptian LNG facility.
Within the wake of Russia’s invasion of Ukraine, which interrupted Europe’s provide of pure gasoline, Eni introduced a collection of tasks and partnerships to spice up its portfolio with Egyptian manufacturing.
Egypt has additionally been focused as a key companion with Israel and different Mediterranean gasoline producers in search of environment friendly methods to carry rising volumes to market. In June, European Union, Israeli and Egyptian officers outlined a framework settlement to collaborate on infrastructure tasks that would increase LNG shipments to Europe.
Israel began gasoline exports to Egypt final yr. Since then, Israel has delivered a mean of 5 billion cubic meters/yr to Egypt by way of the Ashkelon-Arish subsea Japanese Mediterranean Fuel pipeline.
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