“This is the first LNG cargo produced by the terminal after it was shut down in 2012.” it clarified in a statement.
The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.
The deal signed early last year will bring natural gas from Israeli offshore fields Tamar and Leviathan into the Egyptian gas grid.
Egypt’s Minister of Petroleum Tarek el-Molla clarified that LNG exports from Idku rose to put Egypt back to international markets strongly after achieving self-sufficiency locally.
“Many countries’ current account deficits have been affected by high oil prices,” IEA chief Fatih Birol said at an energy conference in Singapore.
Egypt said on Saturday it will stop importing natural gas after its final liquefied shipments arrived last week.
International oil prices fell to below $40 from over $100 per barrel four years ago. Currently, Brent Oil is traded at around $70.
“The whole projectwill be completed in the third quarter of 2019 with an output of 400 million cubic feet per day,” the source added.
U.S. President Donald Trump and the European Union's chief executive, Jean-Claude Juncker.
The minister added that exports of Zohr gas field as well as other gas fields’ production will start early next year.
Estimated prices for the cargoes range upward of $11 per million British thermal units (mmBtu), or around 15 percent of a barrel of Brent crude oil.
Egypt plans to boost production from its giant offshore Zohr gas field to 700 million cubic feet a day (cfd) in May and to 1.8 billion cfd in September.
The law regulating the gas market is supporting Egypt’s strategic goal of becoming a regional energy hub, Petroleum Minister Tarek el-Molla said Tuesday.
EGAS has arranged the delivery of three liquefied natural gas (LNG) cargoes from France’s Engie in the second quarter of 2018.
Qatari gas producers QatarGas and RasGas this week began implementing job cuts that had been postponed.
Pakistani conglomerate Engro Corp expects to complete building its second liquefied natural gas (LNG) terminal in early 2019.
Australia’s three east coast LNG plants have staved off threatened export curbs after promising to plug a projected domestic gas supply shortfall in 2018.
India has renegotiated the pricing of liquefied natural gas (LNG) imported from Australia’s Gorgon project to make the imported fuel affordable to price-sensitive domestic customers,.
Jordan exported 560,000 cubic feet of LNG to Egypt over the past four months through the Aqaba-based Floating Storage Regasification Unit.
The Idku plant will generate high revenues for Egypt.