Egypt will replace Europe: Israel confirms the largest buyer
The "Leviathan" gas field platform. Photo.
Due to a shortage of natural gas, Egypt has signed liquefied natural gas supply contracts, and plans to significantly increase the import of Israeli natural gas in the future - almost tripling it.
NewMedEnergy, an Israeli company, announced that it has revised the contract for supplying natural gas from the Israeli "Leviathan" gas field to Egypt, greatly increasing the supply volume.
The first amendment involves increasing the capacity of the Ashdod-Ashkelon gas pipeline, raising the annual gas supply from 4.7 billion cubic meters to 6.7 billion cubic meters.
Additionally, the participants in the "Leviathan" gas field plan to increase production, and the second amendment involves further increasing the gas supply to 12.9 billion cubic meters per year, but this depends on final investment decisions yet to be made.
Previously, Egypt's natural gas production dropped sharply, making the country once again a fuel importer. To this end, Egyptian companies had to book large amounts of liquefied natural gas and urgently install four floating liquefied natural gas receiving terminals.
On the other hand, Israel began supplying natural gas to Egypt in 2019. NewMedEnergy is the largest shareholder of the "Leviathan" project, with Chevron Corporation (holding 39.66%) and Ratio Corporation (holding 15%) also participating.
NewMedEnergy noted that the export plan will take into account Israel's domestic natural gas consumption.
Previously, companies had planned to export liquefied natural gas through Egypt and build a natural gas pipeline to EU countries. However, high construction costs and Egypt's natural gas shortage changed these plans.
Original: https://www.toutiao.com/article/7536128391636910642/
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