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FINANCIAL NEWS
Egypt to maintain current gas export levels
05 Dec 2010
(MENAFN) Egyptian Minister of Petroleum Sameh Fahmy stated that the country’s gas exports will remain unchanged in 2011 from their levels in 2009, due to declining gas prices, Reuters reported..
Fahmy told reporters during a visit to Doha, Qatar, that Egypt expects to export 21 billion cubic meters of gas, the same amount it sold abroad last year.
Growing domestic demand on gas forced the Egyptian government in 2008 to halt any new contracts until the end of 2010.
The International Energy Agency (IEA) declared last month that abundance in the supply of gas worldwide keeps prices down, a situation expected to last at least 10 more years, despite growing demand.
Egypt’s production of gas this year stands at about 65 billion cubic meters, which goes mainly as exports to the United States, Europe and the Middle East.
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