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Egypt’s Natural Gas Export Revenue Spikes 171%

Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
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Egypt’s Natural Gas Export Revenue Spikes 171%

Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)

The Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said on Wednesday that Egypt’s output of petroleum products amounted to around 79.5 MT in 2022, including around 50.6 MT of natural gas.

Egypt’s exports of natural gas rose to $8.40 billion in 2022, a surge of 171 percent from around $3.50 billion in 2021.

The leap in Egypt’s revenues from natural gas sales was attributed to a global increase in export prices of liquefied natural gas (LNG).

El-Molla revealed that the oil sector managed to benefit from the Egyptian government's plan to rationalize gas consumption in electricity, in order to provide additional quantities for export and benefit from the high LNG global prices.

He further assured that the domestic market demand was met, noting a spike of six percent in consumption.

According to the Minister, Egypt achieved 53 new oil and gas discoveries in 2022. The discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and the Nile Delta.

This is paying off with new international companies working in Egypt, specifically ExxonMobil and Chevron.

The minister confirmed that Egypt is becoming a regional hub for gas and petroleum trade, encouraging the European Union and neighboring countries to bolster cooperation and foster economic ties with Egypt in the energy sector.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.