Private, Egyptian Minister of Petroleum Tariq Al-Mulla
The Egyptian Minister of Petroleum, Tarek El-Molla, predicted, on Wednesday, that Egypt’s revenues from liquefied gas will decline in conjunction with the declines in European gas prices during the first half of this year.
On the sidelines of his participation in the OPEC International Conference, El-Mulla said, in an interview with Sky News Arabia, that he expects Egypt’s liquefied gas revenues to decline by 50 percent this year.
Natural gas prices in European markets fell by 52 percent during the first half of this year, after the winter passed with warmer temperatures than usual, which limited the demand for heating.
Egypt had achieved a record in natural gas exports during the year 2022, reaching 8 million tons this year, compared to about 7 million tons the previous year.
The value of natural gas exported during 2022 amounted to about $8.4 billion, compared to about $3.5 billion in 2021, i.e. an increase of 140 percent over 2021, due to the increase in LNG export prices globally during that period.
Last February, the minister expected Egypt’s production of liquefied natural gas to stabilize at about 7.5 million tons this year.
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2023-07-05 15:45:00
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