The Egyptian cabinet announced on its Facebook page on Sunday that Egypt’s natural gas and liquefied natural gas (LNG) export revenues reached $8 billion in its fiscal year 2021–2022. Volumes increased by 7.2 million tonnes.
Comparative figures for the prior fiscal year were not included in the statement. The financial year in Egypt extends from July 1 to June 30.
According to a statement made last week by Egypt’s finance minister, Mohamed Maait, the country now makes roughly $500 million per month from natural gas exports and hopes to increase that amount to $1 billion ‘in the future period.’
After experiencing financial strain as a result of the impact of the war in Ukraine, Egypt has been seeking to maximise its natural gas exports in order to create foreign currency revenue.
The government claims that after implementing an electricity rationing plan in August, gas exports have increased.
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