Egyptian electricity sector seizes around 60 percent of state’s total consumption of natural gas, an official source at the Egyptian Natural Gas Holding Company (EGAS) stated Tuesday.
Speaking to Amwal Al Ghad, the source added that the rise in natural gas consumption of all Egyptian sectors within the last years was the main factor behind government’s decision to liberalise gas market.
EGAS owns a network for transporting and distributing gas without getting any returns on these investment, the source clarified.
The strategy of Egyptian oil sector aiming at achieving self-sufficiency by financial year 2019-20 would remove all current obstacles notably shrinking state’s bill of importing gas and providing large amount of hard currency for state’s budget, the source pointed out.
On the other side, Egypt is currently importing around 1.2 billion cubic feet of Liquified Natural Gas (LNG) per day with total cost of US$250 million monthly.