Latest news with #EgyptGas
Zawya
15 hours ago
- Business
- Zawya
Egypt to import LNG to cover demand from July 2025 to June 2026, cabinet says
Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances. Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas to complement its domestic production and pipeline imports from Israel, according to industry sources. Egypt's gas production has been on a downward trend in the past few years, reaching as low as 3,485 million standard cubic metres in April 2025, compared to a peak of 6,133 million standard cubic meters in March 2021, according to data from the Joint Organisations Data Initiative (JODI). The North African nation has had to resort to load shedding, raising imports from Israel, and seeking foreign funding for LNG shipments. Israeli gas currently accounts for about 15-20% of Egypt's consumption, JODI data shows. When two of Israel's three gas fields, Leviathan and Karish, were shut down nearly two weeks ago due to the Iran-Israel conflict, Egypt was forced to stop supplying gas to petrochemical and fertilizer factories. More imports come in the form of liquefied natural gas for regasification in Egypt. But while Egypt currently has three floating storage and regasification units (FSRUs) to carry out that process, only one is operational. (Reporting by Momen Saeed Atallah, Writing by Nayera Abdallah. Editing by Jane Merriman, Alexandra Hudson)
Reuters
15 hours ago
- Business
- Reuters
Egypt to import LNG to cover demand from July 2025 to June 2026, cabinet says
DUBAI, June 25 (Reuters) - Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances. Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas to complement its domestic production and pipeline imports from Israel, according to industry sources. Egypt's gas production has been on a downward trend in the past few years, reaching as low as 3,485 million standard cubic metres in April 2025, compared to a peak of 6,133 million standard cubic meters in March 2021, according to data from the Joint Organisations Data Initiative (JODI). The North African nation has had to resort to load shedding, raising imports from Israel, and seeking foreign funding for LNG shipments. Israeli gas currently accounts for about 15-20% of Egypt's consumption, JODI data shows. When two of Israel's three gas fields, Leviathan and Karish, were shut down nearly two weeks ago due to the Iran-Israel conflict, Egypt was forced to stop supplying gas to petrochemical and fertilizer factories. More imports come in the form of liquefied natural gas for regasification in Egypt. But while Egypt currently has three floating storage and regasification units (FSRUs) to carry out that process, only one is operational.
Zawya
20-05-2025
- Business
- Zawya
Egypt Gas records 41.3% YoY increase in Q1 2025 profits
Arab Finance: Egypt Gas logged net profits after tax valued at EGP 196.368 million in the first quarter (Q1) of 2025, an annual leap of 41.30% from EGP 138.965 million, the financial indicators showed. Earnings per share (EPS) after tax and before dividends climbed to EGP 1.36 in Q1 2025 from EGP 0.96 in Q1 2024. Meanwhile, operating revenues hiked to EGP 1.688 billion from EGP 1.318 billion. In 2024, the EGX-listed company posted 70.55% year-on-year (YoY) higher net profits after tax at EGP 290.960 million, compared to EGP 170.597 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-04-2025
- Business
- Zawya
Egypt Gas to pay $0.0099/share dividends for 2024
Arab Finance: Egypt Gas' Ordinary General Assembly Approved Distributing A Cash Dividend Of Egp 0.50 Per Share To Shareholders For 2024, According To A Bourse Disclosure Issued On April 6th. The Dividends Will Be Disbursed In One Or More Installments, Depending On The Company's Liquidity Position. In 2024, Egypt Gas Logged Net Profits After Tax Valued At Egp 290.960 Million, Lower By 70.55% Year-on-year (yoy) Than Egp 170.597 Million. The Egx-listed Company Is Engaged In Natural Gas Engineering, Procurement, And Construction Projects. Its Activities Include Land Surveying, Preparing Designs, Construction Of Transmission Pipelines, Construction Of Distribution Networks And Regulators, And More. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided By Syndigate Media Inc. (
Zawya
11-03-2025
- Business
- Zawya
Egypt Gas records 70.55% profit fall in 2024
Arab Finance: Egypt Gas (EGAS) reported a 70.55% year-on-year (YoY) decrease in net profits after tax in 2024 to EGP 290.960 million from EGP 170.597 million, the firm disclosed on March 10th. Meanwhile, operating revenues rose to EGP 7.506 billion from EGP 6.871 billion. Established in 1983, Egypt Gas provides a wide range of services in the oil and gas field and other related fields, including natural gas distribution Engineering, procurement, and construction (EPC)-based projects. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
