Egyptian gas exports delivered to Europe amount to 10-15% – minister

Egypt has exported gas to Europe about 10 to 15 percent, Minister of Petroleum Tarek al-Molla announced during an energy conference in Cairo on Tuesday.

Molla attended conference of energy efficiency in the petroleum sector (EPEEC) along with heads of companies, holding firms, and Egyptian and foreign oil companies. They discussed the importance of this conference is the global interest in confronting climate change, the Ambassador of the European Union (EU) in Egypt Christian Berger, pointed out.

Egyptian gas exports distributed to Spain, France, Belgium, and Turkey who got 13 percent share, the minister added.

Egypt has made about $2.9 billion overflow during the second quarter of the year 2021/ 2022, depending on the petroleum trade balance, he said, highlighting that the North African country has a strategic oil stock that is sufficient for the local market’s needs.

The increase in the value of Egyptian gas exports is eroding as a result of the increase in the prices of oil and its products, the minister concluded.