Egypt plans to stop importing gas before end of year

Beijing. June 25. Silkroadnews - Egypt intends to completely abandon importing gas before the end of 2018, the Kazakh Telegraph Agency (KazTAG) writes with reference to TASS.
In the fourth quarter, Egypt plans to stop importing liquefied natural gas to start exporting its own gas next year. Raising its gas production, Egypt plans to achieve full self-sufficiency of domestic needs for “blue fuel”, Tarek El-Molla, the country’s Minister of Petroleum and Mineral Resources, said.
According to the minister, in 2018 his department expects to attract $10 billion of foreign investments to develop the country’s gas and oil sectors. besides, Egypt also undertakes measures to set a flexible gas pricing to encourage investment and increase the supply.
Earlier, the country set a goal to increase natural gas production 50% by mid-2018 and proceed with gas output further increase. Over the next four years, 16 projects in the gas sector with a total value of $25 billion are planned to be implemented in the Mediterranean. Also, over the past 4 years, another 24 projects with an investment capital of $2.16 billion were realized in the oil and gas sector, resulting in production of 1.4 billion cubic meters of gas and 26 thousand barrels of condensate.