Egypt Exports 90% of its Gas to European Markets


Minister of Petroleum and Mineral Resources Tarek El-Molla speaking at the Egypt Oil and Gas Convention in Cairo (Asharq Al-Awsat)
Minister of Petroleum and Mineral Resources Tarek El-Molla speaking at the Egypt Oil and Gas Convention in Cairo (Asharq Al-Awsat)
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Egypt Exports 90% of its Gas to European Markets


Minister of Petroleum and Mineral Resources Tarek El-Molla speaking at the Egypt Oil and Gas Convention in Cairo (Asharq Al-Awsat)
Minister of Petroleum and Mineral Resources Tarek El-Molla speaking at the Egypt Oil and Gas Convention in Cairo (Asharq Al-Awsat)

Egypt exported eight million tons of liquefied natural gas (LNG) this year, up from seven million in 2021, announced Minister of Petroleum and Mineral Resources Tarek El-Molla.

During the opening of the eighth Egypt Oil and Gas Convention in Cairo, Molla said that 90 percent of Egyptian LNG exports would be destined for European Union markets.

The conference organized by Egypt Oil and Gas, focuses the efforts on achieving a balance between the sustainability of securing energy supplies and reducing emissions.

Molla reviewed the idea of establishing an East Mediterranean Gas Forum after communicating with neighboring countries in the Eastern Mediterranean region and European Union countries taking advantage of the natural resources in the area.

It will also help secure part of the energy supplies for the EU countries.

He pointed out that all these efforts prepared Egypt to meet part of the demand for natural gas for European markets, as it exported about seven million tons of LNG last year, 80 percent of which was for the EU markets.

The Minister was optimistic that Egypt would achieve more in the coming period with the continuous and fruitful cooperation between the local and international oil sector companies and everyone’s cooperation to increase the production of oil wealth, ensure the sustainability of operations, and reduce emissions.

The petroleum sector succeeded as a result of cooperation, interdependence, and teamwork on an integrated program in partnership between the sector’s entities affiliated with the state, the private sector, and international companies, with the full support of President Abdul Fattah El-Sisi and the government.

Molla stressed that the forum was a pioneer in its inception and topics, which proved in the recent period the importance of cooperation between countries of the eastern Mediterranean and EU amid global challenges in the energy market.

Gas decarbonization requires concerted efforts to accelerate its achievement to exploit natural resources and move towards carbon removal in connection with the vital participation of the oil and gas sector in the successful Climate Summit (COP 27) recently organized by Egypt.

He also said that the oil and gas sector had the outstanding human resources, skills, and expertise required to achieve its climate goals, noting that the industry will find mechanisms and cooperation platforms to maximize work with its global partners, making optimal use of its resources, natural abilities, and cadres.



$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.