Egypt to Resume LNG Exports on Lower Domestic Demand: Eni

Egypt could restart LNG exports as domestic demand is seasonally lower, Deputy COO or Natural Resources at Eni, Cristian Signoretto, said during the earnings call.

• “Now consumption in the country is decreasing substantially due to the normal seasonal effect,” Signoretto said. “We will see export resuming once this effect will be notable,” he added.
• Egypt has not exported LNG cargoes since the start of the conflict in Israel, that led to a decline of around 20% of pipeline gas supplies from Israel to Egypt.
• Last winter, LNG imports from Egypt into Europe and Turkey were around 4.6bcm, or 5% of the region’s total supply of the liquid fuel for the period.
• Other market participants are more bearish on Egypt’s LNG export outlook.
• “If upstream production doesn’t improve and pipe imports from Israel remain very low, then it looks like an Egypt domestic supply and demand imbalance in Q1,” adding there could even be LNG import, Tom Marzec-Manzer, gas analyst at ICIS, said this week.