CAIRO: Egypt and Qatar signed a memorandum of understanding to boost cooperation in LNG sales and imports, including terms for supplying Qatari shipments to Egypt’s Ain Sokhna and Damietta ports, Egypt’s petroleum ministry said on Sunday.
QatarEnergy said in a statement that the agreement includes supplying Cairo with up to 24 liquefied natural gas cargoes for the upcoming summer.
Egypt, the Arab world’s most populous nation, has been trying to increase its own gas production and diversify import sources to meet its growing energy needs.
Production began declining in late 2022, putting pressure on its ambitions to become a regional supply hub, and forcing it to plan for significant imports from Israel and Cyprus, along with costly LNG cargoes.
Egypt produced 3,635 million cubic meters of gas in October last year, up slightly from 3,525 million cubic meters in September but down from 3,851 million cubic meters in October 2024, according to the Joint Organizations Data Initiative.
Despite the decline, Egypt’s petroleum minister Karim Badawi said last week that Egypt plans to achieve self-sufficiency in oil and gas, according to a cabinet statement.
Comments