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FINANCIAL NEWS
Egypt in talks to import Qatar’s LNG
25 Oct 2012
(MENAFN) Egyptian Prime Minister Hisham Kandil said that Egypt was in talks with Qatar to import liquefied natural gas (LNG) to cover Egypt’s needs, Reuters reported.
He said that Egypt would use the LNG to cover its needs in the local market and to prevent using fuel oil which is currently used in electricity plants.
Recently, Algerian Foreign Minister Murad Mdelci said Algeria, which supplies Egypt with 50 percent of its gas needs, agreed to boost its gas exports by 50 percent.
Last month, Qatar said it would invest USD18 billion in tourism and industry projects in Egypt over the next five years, in a bid to support the battered economy.
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