El Molla: Egypt looks to buy foreign companies’ share in Egyptian gas

Egypt Oil Minister Tarek al-Molla

Egypt wants to satisfy local demand in natural gas before exporting to other countries, petroleum minister Tarek El-Molla said.

Egypt is looking to buy the shares of foreign partners in Egyptian natural gas, petroleum minister Tarek El-Molla said at Al-Ahram’s first energy conference on Monday.

The minister said the gas produced will first be used to meet local demand before it is produced for export.

“Our aim is not to export; we focus on providing gas for industries… and on achieving self-sufficiency in natural gas,” El-Molla said.

The ministry has contractual commitments for exports that it will fulfil without compromising on meeting local demand, the minister added.

Egypt’s super-giant Zohr gas field started pumping on Saturday at 350 million cubic feet per day.

The field is set to yield 1 billion cubic feet per day at the end of the first phase by mid-2018.

(Source: Ahram Online)

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