Egypt, which has stirred up Europe, promises to restore gas production

Egypt plans to restore gas production by the summer of next year. This was stated by Prime Minister Mustafa Madbuli. Earlier, the country banned exports and began booking LNG itself, becoming one of the reasons for high gas prices in Europe.

The head of the Egyptian government, Mustafa Madbouli, said that gas production in the country will recover by the summer of 2025 and the government is going to pay off debts to mining companies.

Sources told Reuters in March that the government had allocated up to $1.5 billion for payments to foreign oil and gas companies operating in the country.

"The debt was formed during a long deficit of foreign currency, which has since weakened," the agency reports.

The decline in production coincided with the heat, which required even larger volumes of gas. As a result, Egypt not only stopped exports, but also began booking LNG to avoid power outages.

"Egypt has been trying to purchase 20 shipments of liquefied natural gas since October, and for the first time in many years — on the eve of winter. This has caused traders to worry about the balance of the market in Europe, as an increase in demand in other countries may lead to less fuel arriving on its shores," Bloomberg reported.

The head of the Egyptian government also promised that power outages in the country will not happen again. According to him, Cairo has allocated $ 2.5 billion for this. By the summer of 2025, the authorities also plan to commission the first stage of the line between Egypt and Saudi Arabia.