Egypt prepares to export 2 liquefied natural gas shipments to Europe

Egypt is preparing to export two shipments of liquefied gas to Europe within next week, with quantities ranging between 240 and 250 million cubic meters, according to local media reports.

The shipments will depart from the liquefaction stations in Idku and Damietta in mid-December 2023 as part of the Egyptian Ministry of Petroleum's plan to export a total of five shipments before the end of 2023, according to media reports.

The two shipments will consist of locally produced liquefied gas as well as imports from abroad and Egypt aims to export one million tons of liquefied natural gas before the end of this year.

In recent years, Egypt has seen a significant increase in revenues from liquefied natural gas exports. In 2022, the country's earnings reached approximately $8.4 billion, in a 140 percent increase from the $3.5 billion recorded in 2021.