Arab Finance: Prime Minister Mostafa Madbouly has inspected petroleum facilities of Rashid Petroleum Company (Rashpetco) and the Idku LNG Plant, highlighting the importance of Egypt's liquefied natural gas (LNG) infrastructure, according to an official statement.

During the visit, Madbouly affirmed that the Idku LNG complex is one of the most valuable energy assets in the Middle East, with an investment value exceeding $10 billion.

He noted that Egypt's LNG infrastructure, which includes liquefaction plants in Idku and Damietta, positions the country as a regional gas export hub. This allows neighboring producers to leverage offshore gas discoveries without building new LNG facilities, which typically require billions of dollars in investment and five to seven years to develop.

Touching upon the government's achievement in fully clearing arrears owed to international energy companies operating in Egypt, the prime minister noted that representatives of major international energy firms expressed optimism regarding the move.

The settlement encouraged foreign partners, including Shell, Chevron, TotalEnergies, and Kuwait Foreign Petroleum Exploration Company (KUFPEC), to accelerate exploration and development activities.

Madbouly said exploration activity gained momentum, with new discoveries being announced on a weekly basis, adding that a number of these fields are expected to enter production in the coming period.

Under directives from President Abdel Fattah El-Sisi to reinforce Egypt’s role as a regional energy gateway, natural gas from Cyprus' offshore fields is expected to be transported to the Idku LNG complex for liquefaction and export to international markets.

For his part, Petroleum and Mineral Resources Minister Karim Badawi described the Idku LNG complex as one of Egypt's most important strategic energy assets and a successful model of cooperation between the state and international partners.

Badawi added that cooperation between Egypt, Cyprus, and international investors on gas transportation and processing projects is progressing steadily. The projects aim to channel Cypriot natural gas through Egypt's existing infrastructure for liquefaction and re-export to European and global markets, creating mutual economic benefits for all parties.

The minister pointed out that the first volumes of natural gas from Cyprus' Cronos gas field are projected to be received in Egypt in 2028 after Cypriot President Nikos Christodoulides approved the development and production plan.