Egypt’s goal is to try to reduce the amount of natural gas needed to produce electricity by 15% and ship the excess to buyers in Europe.
In the ninth month of a full-scale Russian invasion of Ukraine, Egypt is trying to supply more natural gas to Europe.
According to the WSJ, Egypt is trying to reduce domestic energy consumption as part of an effort to fill the state coffers amid an economic crisis.
As noted in the material, Egypt’s goal is to try to reduce the amount of natural gas needed to produce electricity by 15% and send this excess to buyers in Europe, who pay the most for liquefied natural gas.
In August, Egyptian Prime Minister Mustafa Madbouly said that saving 15% of domestic electricity production would generate $450 million a month in additional gas exports.
The war in Ukraine and the gas situation:
On August 31, Gazprom suspended the supply of gas to Europe via Nord Stream-1.
On September 2, Gazprom announced a complete stoppage of gas pumping through the Northern Stream-1 pipeline for an indefinite period.
Against the background of the stoppage of the Russian gas pipeline “Severniy Potik”, the spot price of gas in Europe on the morning of September 5 jumped by 30% to almost 2,900 dollars per thousand cubic meters.
On September 6, French President Emmanuel Macron supported the European Commission’s options for limiting gas prices.
On September 14, 2022, the EU responded to Putin’s gas blackmail. On September 26, information appeared about a gas leak at “North Stream”. On September 27, it became known about explosions in the area of the leak.
On September 28, 2022, EU countries demanded an immediate cap on gas prices.
On October 1, it became known that Gazprom had stopped supplying gas to Italy. In addition, on October 1, 2022, Gazprom reduced gas supplies to Moldova.
On November 8, 2022, Turkey began paying for Russian gas in rubles.
