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PIPELINES on exiting Russian assets,” Mishustin said. and Russia – following the Russian invasion of
NEWSBASE Ukraine.
Eni to withdraw from Blue natural gas is around 6bn cubic feet (170mn
Egypt’s current domestic consumption of
Stream pipeline TERMINALS & SHIPPING cubic metres) per day – out of a total daily
output of between 6.7 and 6.9 bcf (190-195
Italian oil giant Eni is reportedly to withdraw EGAS aims to increase mcm) – leaving ample room for exports.
from the company behind the Blue Stream EGAS has set an export target of 7.5mn
gas pipeline that links Russia to Turkey via natural gas and LNG exports tonnes for the current fiscal year, 2021/2022,
a Black Sea route. Eni has a 50% stake in the which ends in June 2022.
enterprise. Russia’s Gazprom holds the other Egypt’s state-owned Natural Gas Holding The electricity sector is at the forefront of
50%. Company (EGAS) intends to increase natural natural gas consuming sectors, accounting
“Eni intends to sell its stake,” AFP quoted and liquefied natural gas (LNG) exports to for the bulk (60%) of domestic consumption,
an Eni company spokesperson as saying, 4mn tonnes during the first half of 2022, followed by the industrial sector at around
following moves by rivals BP and Shell to compared with between 3.3mn and 3.5mn 22%, with the petrochemicals and gas-
divest from Russia-linked projects following tonnes in the preceding half-year (July- derivatives sector trailing as a distant
the Russian invasion of Ukraine. December 2021), Amwal Al Ghad newspaper third with about 11%. The household and
Russia is preparing a presidential decree reports. The increase will be fuelled by higher transportation sector combined use a mere

aimed at preventing foreign investment gas output from offshore Mediterranean fields, 6% of national production.
exiting the country, its prime minister, Natural gas exports have become a key Natural gas produced in Egypt mostly
Mikhail Mishustin, said on March 1, after source of foreign currency for Egypt over the comes from deep offshore fields, with the El
Moscow was hit by the barrage of sanctions in past year as energy prices skyrocketed. Their Zohr field – the largest discovery ever made
response to the invasion. role has been amplified over the past week, as in the Mediterranean basin, operated by Italy’s
“To enable businesses to make informed Egypt’s current account faces a double shock Eni – taking the lead.
decisions, a draft presidential decree has been from higher wheat prices and the loss of their NEWSBASE
prepared to introduce temporary restrictions largest sources of inbound tourists – Ukraine

P18 www. NEWSBASE .com Week 09 03•March•2022