Egypt ramped up LNG exports final yr to maximise use of its terminals and additional its position as a hub of Mediterranean and Center Jap provide to Europe.
Minister of Petroleum and Mineral Sources Tarek El-Molla mentioned in a press briefing Wednesday that Egypt exported round 8 million tons (Mt) of liquefied pure fuel throughout 2022, price round $8-8.5 billion.
Based mostly on the ministry’s report, Egypt’s LNG exports grew by nearly 1 Mt from 2021 ranges and greater than 6 Mt in comparison with 2020, in line with knowledge from Kpler.
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Turkey was the main vacation spot for fuel exported from Egypt at 1.6 Mt. Spain was a detailed second vacation spot, with 1 Mt landed. As an entire, export to European locations greater than doubled yr/yr.
Egypt’s total export volumes have been rising exponentially since 2016, when LNG shipments resumed after a quick hiatus. The nation has two crops, the Eni SpA-operated 5 million metric tons/yr (mmty) Damietta plant and the Shell plc-operated 3.6 mmty Egyptian LNG facility.
Within the wake of Russia’s invasion of Ukraine, which interrupted Europe’s provide of pure fuel, Eni introduced a sequence of initiatives and partnerships to spice up its portfolio with Egyptian manufacturing.
Egypt has additionally been focused as a key associate with Israel and different Mediterranean fuel producers in search of environment friendly methods to deliver rising volumes to market. In June, European Union, Israeli and Egyptian officers outlined a framework settlement to collaborate on infrastructure initiatives that would increase LNG shipments to Europe.
Israel began fuel exports to Egypt final yr. Since then, Israel has delivered a median of 5 billion cubic meters/yr to Egypt through the Ashkelon-Arish subsea Jap Mediterranean Fuel pipeline.