Egypt discusses ways to boost gas exports to Europe
EU aims to strengthen cooperation with Egypt in the field of energy, said Kadri Simson, commissioner for energy affairs of the EU, during a meeting with Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla.
El Molla and the EU official discussed ways to increase coordination in transporting and exporting natural gas to Europe within the framework of the East Mediterranean Gas Forum.
He highlighted Egypt’s role in the Eastern Mediterranean region as a major supporter for the optimal exploitation of natural gas resources.
Egypt is currently the fastest-growing Arab exporter of liquefied natural gas, according to a report released by the Organization of Arab Petroleum Exporting Countries in August.
The report showed that Egypt exported around 1.4 million tons of LNG in the second quarter of 2021.
Egypt contributed about 5 percent of Arab countries’ total LNG exports, which amounted to 28.3 million tons in the second quarter of 2021. Despite Egypt’s relatively small contribution to the total, it represented the largest percentage (47 percent) of the growth of Arab LNG exports during the second quarter of 2021, which were up from 25.3 million tons in the same period a year earlier.
During the meeting held on the sidelines of the UN climate summit in Glasgow, Scotland, the Egyptian minister lauded EU’s support for the East Mediterranean Gas Forum.
Simson stressed the importance of Egypt’s pioneering efforts in the Eastern Mediterranean region to support the partnership between the countries of the region in transporting natural gas to Europe. She said the EU aims to strengthen cooperation with Egypt in the field of energy and support Egyptian efforts to achieve energy efficiency and reduce emissions.
El Molla pointed out the Egyptian strategy relys on natural gas as a clean transitional fuel that contributes to achieving sustainable development and reducing emissions.
He expressed Egypt’s aspiration to extend the scope of cooperation with the EU in Egypt’s hosting of the COP27 climate summit in Sharm El-Sheikh.
Egypt has 2.186 trillion cubic meters or 77.2 trillion cubic feet of proven natural gas reserves, according to the US Energy Information Administration, placing it 16th in the world. These reserves are equivalent to around 1.6 billion tons of LNG.