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Egypt preps for about-face in gas

Dec. 12, 2012 at 6:35 AM   |   Comments

CAIRO, Dec. 12 (UPI) -- Supermajor Shell said it was considering a potential liquefied natural gas terminal in Egypt to transform the country into a net importer.

Egyptian gas demand is starting to outpace domestic production. Some major energy players there, including BG Group and Dana Gas, reported production declines this year.

Qatar Petroleum Chief Executive Officer Nasser al-Jaidah was quoted by Bloomberg News as saying that Cairo has asked for LNG but the country doesn't have a terminal for imports.

"We are in discussions with many countries in emerging markets about LNG imports at the moment and Egypt is on the list," Shell Chief Financial Officer Simon Henry was quoted as saying. "Egypt's economy clearly is growing in terms of its demand for energy, and gas is the first fuel."

Post-revolution unrest in the Sinai Peninsula this year disrupted natural gas deliveries from Egypt to Israel and Jordan. Egypt's oil minister said last month that the country may start importing natural gas for the first time by the middle of next year.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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