Egypt’s Minister of Petroleum and Mineral Resources H.E. Tarek El-Molla has announced that the country will restart two of its liquefied natural gas (LNG) plants.
The Damietta plant – which has been offline sine 2012 – will be reopened by the end of February and process approximately 4.5 million tons of LNG per year, increasing the nation’s capacity to 12.5 million tons. The Idku plant will also be reopened in a bid to boost LNG export and position the country as a major global gas supplier.
“In 2020, prices were very low and we were not able to export except for a few cargoes,” said Minister El-Molla. “But from October 2020 until now, we have already booked all our volumes to be exported from the Idku plant up until the end of March.”
According to data compiled by Bloomberg, Egypt has the potential to be one of the top 10 global exporters of LNG, if full capacity is reached.
The Minister added that in the coming weeks, the state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company will offer onshore and offshore exploration blocks for bidding from local and international exploration companies.