Arab Finance: Tunisia-based oil and gas firm HBS International is investing $65 million this year to scale up natural gas reserves and production in the southwest of El Alamein area in Egypt’s Western Desert, a government official told Asharq Business.

The company is targeting increasing its natural gas production in Egypt by roughly 167% by October to reach 40 million cubic feet daily, compared to the current daily production of 15 million cubic feet.

The Egyptian government is reportedly planning to import 22 shipments of liquified natural gas (LNG) during August and September to meet the fuel demand of power plants.

It was reported earlier this month that the Ministry of Petroleum and Mineral Resources received the 10th shipment of the 21 agreed-upon LNG to meet the state’s demands for power plants and fertilizer factories.

It is worth noting that Egypt is reportedly planning to import up to 17 new shipments of LNG during the fourth quarter (Q4) of this year.

 

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