Egypt to begin gas exports end-FY18/19 - Minister

Cairo – Mubasher: Egypt will commence natural gas exports before the beginning of fiscal year 2019/20, the finance minister said on Monday.

The most populous Arab nation has achieved gas self-sufficiency since September 2018, Mohamed Maait stressed in a statement.

Maait added that the government has spent more than EGP 500 billion on the electricity sector to establish new networks, diversify power generation sources, overcome blackouts, and supply electricity to factors.

Egypt produces electricity from five sources, including natural gas-fueled power plants, solar and nuclear power stations, wind turbines, and coal-fired power plants, he highlighted.

The Egyptian economy has faced a slew of obstacles such as the increase in interest rates of the emerging markets, the US-China trade war, the hike in oil prices, he indicated.

The minister said that Egypt has overcome all challenges due to the economic reform programme.

He also noted that Mercedes-Benz International’s decision to resume its business in Egypt ensures the country’s success in attracting investors and improving the work environment.

This came on the sidelines of a seminar held by the Rotary Club of Madinaty under the theme of expectations on Egypt’s future economy.

Mubasher Contribution Time: 21-Jan-2019 13:37 (GMT)
Mubasher Last Update Time: 21-Jan-2019 13:58 (GMT)