Egypt and Qatar sign an MOU to increase LNG sales and import collaboration, Egypt says

Egypt and Qatar have signed a'memorandum of agreement' to enhance cooperation in LNG sales and imports. This includes 'terms' for supplying Qatari shipments into Egypt's Ain Sokhna port and Damietta port, Egypt's Petroleum Ministry announced on Sunday.

QatarEnergy stated in a press release that the agreement included supplying Cairo with up to 24 cargoes of liquefied gas for the summer.

Egypt, the Arab World's largest?nation has been working to diversify its energy sources and increase its gas production.

The production began to decline?in late-2022, which put pressure on the company's ambitions to be a regional hub and forced it to plan significant imports from Israel, Cyprus and costly LNG cargoes.

According to the Joint Organizations Data Initiative, Egypt produced 3,635 millions cubic meters of natural gas in October, up slightly from 3,525 in September, but down from 3,851 in October 2024.

According to a cabinet announcement, Egypt's Petroleum Minister Karim Badawi stated last week that, despite?the decline?, Egypt plans to become self-sufficient in oil and natural gas.

(source: Reuters)