Tuesday, July 16, 2024
Today’s News

Egypt Produces 5.7 Billion Cubic feet of Petrol Per Day

According to a spokesperson for the petroleum ministry, Egypt currently produces 5.7 billion cubic feet (cf) of petrol per day, as reported by the state news agency Mena on Monday. The spokesperson added that in addition to shipments of mazut fuel, it was decided that 21 cargoes of liquefied natural gas would arrive in Egypt during the summer.

According to a ministry spokesperson, the first gas shipment arrived on Monday and is currently being released for supply into the national gas grid. “The national gas grid’s supply will be sufficient by the third week of July,” he continued. Egypt made its largest purchase of LNG by sea in June, awarding 20 cargoes in total, to meet the country’s high summer demand, which runs from July to September.

Natural gas supplies, which are essential to Egypt’s electricity generation, have been decreasing. The country’s need for electricity has increased due to urbanization and population growth. The use of air conditioning increases power consumption as temperatures rise.

In the meantime, one of the biggest petrochemical companies in Egypt intends to join a consortium to import US shale gas to address the natural gas shortage that caused several chemical factories to have to temporarily close twice in June.

In a disclosure to the stock exchange on Monday, Sidi Kerir Petrochemicals Co SAE (Sidpec) announced that it will own a quarter of a $663 million business that will be founded this year as part of a consortium to import liquefied ethane gas and US shale gas.

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Tuesday, July 16, 2024

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