Petroleum Africa
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Tuesday, May 7, 2013
If Egypt’s domestic gas consumption is relying on imports from fellow North African producer Algeria, it will have to wait a while. According to reports, Algeria does not have any gas production available at this time to feed Egypt’s needs. The government in Algeria made it known that any deal involving the exporting of Algerian gas to Egypt could not be discussed until next year.
According to Egypt’s oil minister Osama Kamal, Algeria doesn’t have “enough quantities to be exported to Egypt,” as current production is tied up under prior commitments.
Egypt has been actively courting other Arab countries for oil and gas at favorable credit terms in an effort to reduce fuel shortages. The country is currently mired in a serious financial crisis and favorable terms for imports is a necessity as the government’s fuel subsidies drain its already strained budget.
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