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Egypt is heading to export the largest amount of gas since 2009 in an attempt to take advantage of the significant rise in gas prices, especially on the part of European buyers.
According to a Bloomberg analysis, which specializes in strategic research on global commodity markets, Egypt is on track to export 8.2 million tons of LNG this year.
According to the analysis, This represents the highest level of export to Egypt since 2009, Based on data from the BP Global Energy Statistical Review.
Bloomberg says that high gas prices in Europe have turned it into a dominant importer of Egyptian gas.
She explained that as of last April – shortly after the Russian invasion of Ukraine – Europe obtained 71% of liquefied natural gas exports.
At the forefront of the European importers of Egyptian gas were Turkey, Spain and France.
and historically, Egyptian gas exports were dominated by Asian markets.
The old continent is expanding its exports of Egyptian and Algerian gas as part of accelerated efforts to reduce its dependence on Russian gas.
Egypt plans to enhance gas supplies through a framework agreement between the Italian “Eni” Eni and EGAS to maximize gas production in the country.
The Israeli Tamar and Leviathan fields could also increase gas supplies through the Eastern Mediterranean gas pipeline. Which started its activity last March.
Flows may reach 3 billion cubic meters in 2022.
The increase in domestic demand in Egypt could still pose a threat to the growth of LNG exports during the summer, According to Bloomberg.