Egypt is beefing up its liquefied natural gas exports to Europe, paving the way to becoming a regional energy centre, as the continent’s biggest gas supplier, Russia, disrupts supply.
In the first six months of this year, more than 72 per cent of Egypt’s LNG exports went to Europe, compared with 29 per cent in all of last year, Refinitiv LNG flows data shows.
Although the North African country has limited natural gas itself, paling in comparison to the US, the world’s top producer, or Russia in second place, it has built a role through agreements with partners and its strategic geographic location.
The US produced 934.2 billion cubic metres (bcm) of natural gas last year, about 23 per cent of the world’s total, while Russia produced 701.7 bcm and Egypt produced 67.8 bcm, according to the latest BP Statistical Review of World Energy.
“Egypt is not going to make up for all the Russian volumes,” Olumide Ajayi, senior LNG analyst at Refinitiv, told The National.
However, “there is momentum for Egypt to become a regional energy exporter to Europe and connect Europe to the region”, he said.
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