Egypt’s natural gas and liquefied natural gas (LNG) export revenue recorded $8 billion during the /2022 fiscal year (FY) after exports increased by 7.2 million tons, revealed a cabinet post earlier today. Exports during /2014 recorded 1.9 million tons.
The statement did not compare numbers between /2022 and /2021.
Egypt earns around $500 million monthly from atural gas exports and aims to raise that figure to $1 billion “in the coming period”, Finance Minister Mohamed Maait has previously noted.
The country has been accelerating efforts to boost its exports of natural gas to generate foreign currency revenue as it continues to feel pressure due to the /Ukrainian conflict.
Egypt exported 8.9 billion cubic meters (bcm) of LNG last year and 4.7 bcm in the first five months of 2022, according to Refinitiv Eikon data.
The government has noted that gas exports have grown since the introduction of the electricity rationing plan in August, which aimed to increase foreign currency reserves by diverting more natural gas for export.
The plan includes limiting the use of strong lights in commercial buildings such as malls, and that all air condition units must be keep at no less than 25 degrees Celsius. Government facilities, including ministries, were ordered to turn off lighting at the end of working hours, while street lighting was also reduced.
The government hopes to reduce the amount of gas used to generate electricity by 15%, Prime Minister Mostafa Madbouly said in August. Accelerating growth in Egypt’s natural gas supplies, driven by the discovery of the Mediterranean’s largest field, turned it from a net importer to an exporter in late 2018.
