Egypt is engaging in mutual plans with East Mediterranean countries to increase supplies of liquified natural gas (LNG) to Europe over the coming period, Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business in an interview on May 24th.
The minister stated that amounts of LNG pumped from Damietta and Edco plants are contributing to meeting the European Union's (EU) demand.
Egypt has ambitious plans in coordination with East Mediterranean neighbors to supply a big chunk of European and global LNG demand in the coming few years, El-Molla noted.
As for the Aphrodite gas field in Cyprus, El-Molla expected drilling and construction work at the field to begin by the end of 2022, hence, the gas pipeline between Egypt and Cyprus would not be ready for operations before 2025.
He further unveiled that Egypt’s daily gas exports reached 1 billion cubic feet (BCF), noting that exports are projected to grow to over 1.5 BFC per day in the next two years.
It is worth noting that Egypt produces between 6.6 and 6.7 BCF of gas daily.
Earlier in May, El-Molla announced that the Egyptian energy sector is expected to attract investments ranging between $7 billion and $8 billion in the fiscal year 2021/2022.
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