Page 9 - GLNG Week 23 2022

GLNG AFRICA GLNG

Egypt and EU poised to sign MoU

on long-term LNG exports

EXPORTS EGYPT is poised to sign a memorandum of to Egypt’s existing LNG plants in Damietta and
understanding (MoU) with the EU on deliveries Rosetta. Additionally, some of the 5bn cubic
of gas extracted from Israeli fields in the eastern metres per year of Israeli gas that flow to Egypt
Mediterranean and processed into LNG at Egyp- via the Eastern Mediterranean Gas (EMG) pipe-
tian terminals, media sources have reported. The line, a subsea link that runs from Ashkelon to
signing will take place in late June, when Euro- Arish, goes to the Damietta and Rosetta LNG
pean Commission President Ursula von der plants.
Leyen visits Cairo. Accordingly, additional Israeli supplies could
The EU is keen on deals with gas-rich coun- help the two Egyptian facilities operate at their
tries in the wake of Russia’s invasion of Ukraine, full capacity of 12.2mn tonnes per year (tpy), up
to diversify its hitherto heavy reliance on Russian from their current utilisation rate of 84%.
natural gas supplies. By signing the proposed Egypt’s earnings from gas and LNG exports
MoU with Egypt, the EU stands to take a major were up by 98% year on year to $3.89bn in the
step forward to secure a stable supply of gas from first four months of 2022. This came on the heels
the eastern Mediterranean over the long term. of a 768% jump in natural gas export revenues
For some time now, Israel has been expanding to $3.95bn in 2021, compared with $456mn in
co-operation with Egypt on this front, connect- 2020.™
ing its gas fields in the eastern Mediterranean

Week 23 10•June•2022 www. NEWSBASE .com P9