Egypt and Qatar have signed a Memorandum of Understanding on the export and import of liquefied natural gas (LNG), as well as in other energy sectors. This was announced by the North African country's Ministry of Petroleum and Mineral Resources.
The agreement was signed by Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and Qatar's Minister of Energy, CEO of Qatar Energy, Saad Sherida Al-Kaabi. The meeting in Doha was also attended by the Chairman of the Egyptian Natural Gas Holding Company (EGAS), Mahmoud Abdel Hamid.
"The Memorandum of Understanding is an important step towards diversifying natural gas supply sources and expanding the framework of cooperation in the gas supply sector to meet the needs of the Egyptian state, alongside efforts to increase local production, which contributes to creating added value and strengthening Egypt's role as a regional gas trading hub," the statement said.
Qatar Energy plans to invest in Egypt's energy sector over the next five years and drill a series of exploration wells in cooperation with several major international energy companies.
Additionally, EGAS and Qatar Energy signed an agreement on the terms of the supply mechanism for several shipments of Qatari LNG to the ports of Ain Sokhna and Damietta.
In December, the Qatari company Al Mana Holding and Egypt's Suez Canal Economic Zone Authority signed an agreement to establish a sustainable aviation fuel production facility in Ain Sokhna. The Qatari company's investment will amount to $200 million.
In October, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi stated that the country plans to drill 480 new exploration wells for oil and gas by 2030, with total investments in the project exceeding $5.7 billion.
