(MENAFN) An official government source revealed to Al-Sharq newspaper that Egypt has agreed to significantly raise its intake of natural gas imported from Israel by 26 percent during the first half of the upcoming year. This decision aims to elevate the daily volume of imports to approximately 1.450 billion cubic feet, marking a notable increase from the current level of around 1.15 billion cubic feet per day.
The surge in Israeli gas imports to Egypt has already surpassed pre-conflict levels, with January witnessing a 15 percent monthly rise to approximately 1.15 billion cubic feet per day. This uptick is expected to play a pivotal role in bolstering Egypt's export capabilities and enhancing its foreign currency reserves.
Egypt's heavy reliance on Israeli gas underscores the strategic importance of this partnership in meeting the nation's domestic energy needs. Moreover, Egypt leverages its surplus gas by exporting liquefied natural gas to European markets. This export endeavor is facilitated through liquefaction facilities located in Idku and Damietta, boasting a combined production capacity of 2.1 billion cubic feet per day.
As Egypt seeks to capitalize on its burgeoning energy ties with Israel, the increase in natural gas imports heralds promising prospects for bolstering both domestic energy security and economic growth. The expansion of this vital energy partnership not only enhances Egypt's position as a regional energy hub but also strengthens its role in global energy markets.
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