LNG
Speaking at a press conference at the end of a visit to Beheira governorate, where he toured the Idku liquefied natural gas (LNG) plant, Madbouly said Egypt's advanced gas infrastructure had prompted neighboring countries to view it as a regional center for gas exports and trade.
EU urges easing gas storage goal to 80% as Iran war lifts prices, aiming to avoid costly panic buying ahead of winter.
The facility, managed by GASCO, plays a crucial role in distributing gas nationwide and safeguarding supply to key sectors such as electricity generation, manufacturing, and residential use.
Negotiations are reportedly underway with suppliers from Qatar, Algeria, and Saudi Arabia, as well as major global trading entities.
Egypt leads Arab countries in green hydrogen development with 38 projects, mainly in the Suez Canal Zone, targeting 18 million tons of annual output.
It aims to address the urgent gas supply needs of Jordan, especially as the country continues to develop its LNG infrastructure, and will help mitigate costs for both countries.
The shipments, which total between 160,000 and 180,000 cubic meters of LNG, will be directed to the "Höegh Gallon" regasification vessel for delivery into the country's national gas grid.
Since April, Egypt has resumed LNG imports to meet rising domestic demand, particularly from the electricity sector, and to compensate for the shortfall caused by declining local production
Both nations are currently engaged in studies for the joint procurement of a gasification vessel to meet their import requirements.
These upcoming LNG shipments serve as a notable addition to the existing stock of LNG already received by the Egyptian Natural Gas Holding Company (EGAS).
According to a statement released by Hoegh LNG Holdings, the FSRU Hoegh Galleon is expected to be stationed in Ain Sokhna, Egypt, for approximately 19 to 20 months
The move comes as Egypt works towards increasing gas availability within the country during the second half of this year, aiming to meet the rising electricity demands
Egypt does not own facilities for liquefying natural gas, a process known as liquefaction, having previously operated a floating station in Ain Sokhna for gas imports before 2018. Egypt utilizes gas to fuel power plants as well as for cooling operations.
The official indicated that the new shipment will depart from the Idku station as part of a series of LNG shipments the government aims to export abroad before the start of the summer season.
The EU received supplies from 27 countries, with the share of LNG exceeding that of natural gas delivered through pipelines for the first time.
In an infographic published Tuesday, the IDSC said that Egypt’s liquefied natural gas exports rose 35.7 percent year-on-year in the second quarter of 2022, recording 1.9 million tons.
The figures reflect a growth as the country exported seven million tons of LNG to European markets in 2021.
The declaration of intent was signed by the Egyptian side, Tarek El-Molla, Minister of Petroleum and Mineral Resources, by the German side, Robert Habeck, German Vice-Chancellor and Federal Minister for Climate Action and Economic Affairs.
The Egyptian state supports the trend towards maximizing the use of clean energy and attaches great importance to it, he added.
The government has implemented a plan to rationalize electricity consumption in order to provide natural gas used in the stations in order to export it abroad in light of the high global prices.
