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Egypt Earning $500 Million Monthly from Gas Exports

Egypt Earning $500 Million Monthly from Gas Exports

Friday, 23 September, 2022 - 06:45
A woman wearing a protective face mask, amid concerns over the coronavirus, walks next to a wall painted with colors of the Egypt's flag in Cairo, Egypt April 26, 2020. (Reuters)

Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday.

The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on what Egypt had been earning previously.

Egypt has been pushing to maximize its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine.

Egypt exported 8.9 billion cubic meters (bcm) of liquefied natural gas (LNG) last year and 4.7 bcm in the first five months of 2022, according to Refinitiv Eikon data, Reuters reported.

The government said gas exports have been boosted after the it introduced an electricity rationing plan in August.

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