Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi asserted that Egypt enjoys an integrated and flexible natural gas supply system capable of securing sufficient energy supplies throughout the summer season.

During his visit to the liquefied natural gas (LNG) import facilities at Ain Sokhna, Badawi followed up on the ministry’s preparation to meet peak energy demand for power generation plants, industrial consumers, and other economic sectors.

The infrastructure includes three floating storage and regasification units (FSRUs), including Höegh Galleon and Energos Eskimo at the Sumed Port, as well as Energos Power at the Sonker Port. This is in addition to a fourth vessel operating in Damietta, providing a combined regasification capacity of around 2.7 billion cubic feet per day (Bcf/d).

Last summer, the government succeeded in meeting electricity demand exceeding 40,000 megawatts (MW), demonstrating the operational flexibility of the country’s energy system under challenging conditions.

In the same vein, the minister also highlighted ongoing efforts to bolster investor confidence in the energy sector, confirming the full settlement of all outstanding payments to international oil companies (IOCs), cutting them to zero from $6.1 billion at the end of June 2024. This aligns with the state's previously announced plans to pay out all arrears by the end of June to maintain an attractive and stable investment climate.