Bloomberg has announced that Egypt is on the course to become one of the world's top 10 natural gas exporters if it reaches full capacity in 2021, backed by the country's endeavors to boost its exports of liquified natural gas, through restarting one of its two production plants.
The center, in a statement Sunday, said it had contacted the Petroleum Ministry to verify the news, adding that the Ministry dismissed all reports of a fuel crisis as baseless.
The stage is now set for expanding the national project to use natural gas as vehicle fuel in light of the increase of local production of natural gas along with the support offered by the presidency and the government and the efforts of several bodies concerned in the state to that effect, said Minister of Petroleum and Mineral Resources Tareq el Mulla.
About LE 15 billion will be secured for financing the first stage of the initiative, noting that three stages will cost up to LE 60 billion.
Sisi on Monday inspected the pavilions of the first exhibition showcasing technologies of converting vehicles to run on natural gas.
The old private cars would be replaced by new ones of the latest models that run on gas at a low cost with large financial facilities, low-interest rates and long-term loans, the Presidency said.
Ministry of Local Development revealed an enlarged plan was presented by Prime Minister Mostafa Madbouly to convert 2,300 public buses in Cairo and Alexandria over five years.
The expo targets raising awareness about the the economic and environment benefits of switching to natural gas as well the funding programs seeking to help people in undertaking the conversion to natural gas, the minister added.
The high-level working group of the Eastern Mediterranean Gas Forum held its eighth meeting via video conference technology, to discuss a number of organizational matters to activate the activities of the forum.
This expansion will be accompanied by an increase in the number of supply stations by about 350 new stations during the coming period, bringing the total number of stations to 550 stations to cover various areas for easy access.
The petroleum sector has succeeded during the past six years in signing 86 petroleum agreements and attracting new international companies in the field of research and exploration, and the two largest projects to collect geophysical data have been implemented in the Red Sea and the Arab region in the Mediterranean.
El-Sisi ordered organizing a comprehensive exhibition to support the national program in this regard and inviting big international companies manufacturing cars.
Tarras was speaking on Tuesday during a ceremony of signing a cooperation protocol between AOI and Saad Eldin Group.
The Kattameya field is located in the North Damietta offshore concession area.
The number of the housing units benefiting from the project reached to 11.3 million housing units, Molla said.
He stressed that Egypt has great ambitions to become a regional energy hub.
Amendments to the law defines the value of custom taxes on imported equipment required for charging stations and natural gas fueling stations.
About 1.7 billion cubic meters of exports went to Europe, while Asia and the Pacific countries received 2.7 billion cubic meters, led by Pakistan with about 900 million cubic meters.
He added in statements during signing a contract of supplying natural gas to the industrial area in Eastern Port Said between the General Authority for the Suez Canal Economic Zone and Sinai Company for Gas that his ministry is working to benefit from natural gas for achieving social and economic development.
They also discussed cooperation mechanisms under the umbrella of East Med Gas Forum (EMGF) in light of friendship ties and strong bonds binding both countries at the political and economic levels with the support of presidents of both countries.