Qatar to Sign More Long-Term LNG Contracts This Year, QatarEnergy CEO Says 

Qatar's Minister of State for Energy Affairs and President & CEO of QatarEnergy Saad al-Kaabi, attends a session at the Qatar Economic Forum in Doha on May 15, 2024. (AFP)
Qatar's Minister of State for Energy Affairs and President & CEO of QatarEnergy Saad al-Kaabi, attends a session at the Qatar Economic Forum in Doha on May 15, 2024. (AFP)
TT
20

Qatar to Sign More Long-Term LNG Contracts This Year, QatarEnergy CEO Says 

Qatar's Minister of State for Energy Affairs and President & CEO of QatarEnergy Saad al-Kaabi, attends a session at the Qatar Economic Forum in Doha on May 15, 2024. (AFP)
Qatar's Minister of State for Energy Affairs and President & CEO of QatarEnergy Saad al-Kaabi, attends a session at the Qatar Economic Forum in Doha on May 15, 2024. (AFP)

Qatar has not had difficulty securing long-term liquefied natural gas (LNG) contracts and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad al-Kaabi said at an economic forum on Wednesday.

"We've actually secured 25 million tons of long-term LNG sales (in the last 12 months) and I can tell you also on this podium that we're signing more this year," he said.

State-owned QatarEnergy has been signing supply deals with European and Asian partners for gas that is expected to come onstream from its massive North Field expansion, part of the world's largest natural gas field which Qatar shares with Iran, which calls it South Pars.

Qatar, one of the world's largest LNG exporters, announced an additional expansion of its LNG production in February that will add 16 million metric tons per year to its original plans, bringing total capacity to 142 million tons per year from 77 million tons.

Kaabi said he sees big future demand for LNG and Qatar would continue to assess its gas reservoirs for possible future growth.

"We are very bullish on demand going forward," Kaabi said.

Kaabi also reiterated that should technical evaluations show Qatar could further expand production it would.

"If there is more, we probably will do more," he said.

Competition for LNG had ramped up since the beginning of the war in Ukraine in February 2022.

Europe, in particular, needs vast amounts of the fuel to help replace the Russian pipeline gas that had made up almost 40% of the continent's imports.

On Wednesday, Kaabi said he saw a future need for more LNG in European markets.

"The comfort that they get in Europe is because they had two very warm winters and they filled up all the storages and they didn't need to use much of it," he said.

"So if you have two harsh winters or normal winters ... you're always going to need a lot more LNG. And the world will need much more LNG with the growth and I don't see an oversupply."



Egypt Govt Pledges Wage Hikes, Relief for Citizens

 A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
TT
20

Egypt Govt Pledges Wage Hikes, Relief for Citizens

 A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)
A woman prepares traditional Egyptian butter cookies known as "Kahk", to celebrate Eid al-Fitr, which marks the end of the holy month of Ramadan in Cairo, Egypt, March 23, 2025. (Reuters)

The Egyptian government has pledged to improve wages and ease the financial burden on citizens by raising the minimum wage to 7,000 Egyptian pounds (1 USD = 50.45 EGP in banks) starting from the new fiscal year in July 2025.

In its proposed budget for the 2025-2026 fiscal year, the government allocated an 18.1% increase in wage provisions, totaling 671 billion pounds to fund the new salary increases.

This includes a 10% increase in the periodic allowance for civil service law employees and a 15% increase for non-civil service employees, with a minimum increase of 150 pounds per month, according to Finance Minister Ahmed Kouchouk's statement on Monday.

The government measures also include raising the “cost of living allowance” from 600 to 1,000 pounds and increasing the additional incentive by 300 pounds across all job grades.

This will result in a minimum monthly salary increase of 1,100 pounds for the lowest job grade, boosting overall wages.

While welcoming the increase in the minimum wage, Samira Al-Jazzar, a member of the parliamentary plan and budget committee, called on the government to take further steps to ensure citizens benefit from the wage hikes.

She stressed the need to regulate markets and implement strict measures against price manipulators.

Al-Jazzar expressed concerns about potential price hikes, which could lead to a rise in inflation again.

She told Asharq Al-Awsat that the government should have pursued multiple strategies to address this issue.

The lawmaker also emphasized the importance of expanding production, which she believes would gradually reduce prices.

Economic expert Karim Al-Omda told Asharq Al-Awsat that the new wage increases are a preemptive move by the government to mitigate public anger over expected rises in fuel and service prices.

The government plans to raise fuel prices three times by the end of this year as part of a fuel subsidy reduction strategy under the economic reform program agreed with the International Monetary Fund, which secured a $12 billion loan, according to statements from Prime Minister Mostafa Madbouly.

Al-Omda urged the government to accelerate improvements in the education and healthcare sectors to genuinely enhance citizens' lives.

He highlighted the urgency of speeding up the implementation of the "comprehensive health insurance" system and making substantial reforms to the education system.

The Ministry of Finance has pledged to allocate the necessary funds to hire over 75,000 teachers, 30,000 doctors, and 10,000 other personnel in various government sectors in the upcoming fiscal year.