date of publication:
Jan 31 2022 23:20 GMT
Update date: Feb 01 2022 2:15 GMT
Egyptian Petroleum Minister Tarek El Molla said on Monday that what is hindering the export of Egyptian gas to Lebanon is a failure in the Arab Gas Pipeline.
The Egyptian minister made it clear, during televised statements on the “On” channel, that the companies are working to repair the Arab gas pipeline due to the technical malfunction in northern Lebanon.
The minister added that the repair of the fault is expected to be completed at the end of February, saying, “We hope to complete the procedures for exporting gas to our brothers in Lebanon as soon as possible.”
The Egyptian minister confirmed that all items were agreed upon with all parties, pointing out that the remaining stage at the present time is related to the papers, saying: “We lack the translation of the agreement into papers that are consistent with the rules and laws of each country.”
The Egyptian minister expected the completion of the line and the start of exports in the middle of next March at the latest, adding: “The matter is going well and there are no problems related to the passage of the line through Syrian territory.”
El-Molla pointed out that Egyptian exports of gas will not affect local consumption, saying that with the development of new and renewable energy, the proportion of domestic consumption will decrease. The governorates of Egypt, and we are an important part of a decent life project, in which we target 7 million housing units to cover more than 80% of the Republic.”
The Egyptian minister commented on the OPEC report, which stated that Egypt’s gas exports achieved a boom with an annual growth rate of 385 percent, saying that the export jump was due to comparing the quarter in place of the ratio with its counterpart in 2020, which was in the depths of the pandemic crisis.
“For these reasons, we decided at the time that we would not export gas and oil at less than its prices, whether in terms of cost or in the local market,” Al-Mulla explained.
And he continued, “As of the second half of 2021 from July, prices have returned to rise, and in this period it was decided to maximize our exports, saying: “We would like export to be an added value to the national economy.”
The minister pointed out that in the period from last July to September, the impact of the winter season was not more evident, but he revealed that the last quarter of 2021 witnessed an unprecedented jump and boom in gas exports, saying that the liquefaction plants in Damietta and Idku are operating at full production capacity now.