Egypt’s gas sector grows 25% in 2020, Minister
The natural gas sector has seen a growth of 25 percent during 2020 after turning from negative growth of 11 percent in 2015, according to The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla said
This has enabled the country to be self-sufficient in natural gas and boosted its ability to export gas, especially with the liquefaction facilities in Damietta and Idku, El-Molla said in a statement on Sunday.
Moreover, establishing the Gas Regulatory Authority and introducing the Gas Market Activities Law have allowed private companies to enter the Egyptian market, he added, noting that the country paid more than 80% of its arrears to foreign oil companies.
The oil and gas sector contributed 24% to Egypt’s gross domestic product (GDP) in fiscal year (FY) 2019/2020, while investments in the sector reached $74 billion from FY14/15 to FY19/20.
In addition, the ministry successfully delivered natural gas to 11.8 million households.