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Egypt increases gas exports after adopting domestic savings plan

Egypt increases gas exports after adopting domestic savings plan

Cairo, Sep 16 (Prensa Latina) The energy saving plan launched a month ago by Egypt allowed it to export two additional shipments of natural gas in recent weeks, an official source announced.

According to a statement, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, explained during a government meeting that “the decision to rationalize electricity consumption contributed to saving large amounts of gas.”

Prime Minister Mostafa Madbouly announced in August the initiative to export 15 percent of the natural gas used in power plants to raise foreign currency with the aim of reducing and rationalizing national energy consumption in the midst of the global crisis that triggered a hike in oil and food prices.

Madbouly pointed out that saving 15 percent of the consumption of natural gas pumped to power plants and redirecting it for export will generate revenues of approximately 450 million dollars per month.

The prime minister highlighted the need to acquire more foreign currency to purchase oil and cereals on the international market, given the drastic increase in prices in recent months caused by the crisis in Ukraine.

The savings proposal includes applying daylight saving time in shopping centers and closing them at 11:00 p.m. local time, and reducing the number of lights on the facades of government buildings after work hours. Plans also provide for the reduction of lighting in public spaces and in clubs, stadiums and sports facilities, as well as standardize the use of low-consumption LED bulbs.

According to official data, more than 60 percent of Egypt’s natural gas production currently goes to national power plants.

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