Egypt to boost gas exports to $1 billion a month by January

CAIRO, Oct 12 – PRIME. Egypt plans to increase gas exports to $1 billion a month by January 2023, now this figure is at the level of $600 million, Finance Minister Muhammad Maite said.

“Natural gas exports monthly bring $600 million to the treasury, we aim to increase the figure to $1 billion by January, as well as increase non-oil exports by 30% per year,” the minister said on the sidelines of meetings with representatives of the IMF and the World Bank, as follows from a press release received by RIA Novosti.

In April, the Italian Eni and the Egyptian state gas holding EGAS signed an agreement to increase Egyptian gas production and supply to European consumers.

Egypt has recently been increasing the production of “blue fuel”, since 2018 the country has refused to import gas. In addition, Cairo has repeatedly spoken about its intention to become a regional energy hub. In mid-January 2020, the countries of the Eastern Mediterranean initialed the first official agreement on the creation of a gas forum.

Egypt at the end of March asked the IMF to start consultations on a new program to support the Egyptian state’s plans for a full-scale economic reform. The program may include additional funding.