Egypt to continue importing LNG until 2020 – minister

Egypt is to continue importing liquefied natural gas (LNG) through the upcoming 5 years, oil minister Tarek El-Molla said Saturday.

The Egyptian minister added that the amount of imported shipments will depend on the size of local consumption compared to the production rate.

During a press conference, the minister said the earlier new projects, such as the North Alexandria and other discoveries enter into production phase, the sooner Egypt would then stop importing LNG.

The Italian company Eni’s new gas discovery will significantly contribute to filling the needs of the local market and supporting the state’s plans to lower its LNG imports, the Egyptian minister stated.

Moreover, Molla said that Egypt’s LNG production would increase starting from mid 2017. The ministry is not against importing LNG from abroad as long as the import process achieves national security and provide an added value to Egypt’s oil and gas sector.