Petroleum Minister: War Doubles Gas Costs

Egyptian Petroleum Minister Kareem El-Badawy confirmed that Egypt has succeeded in securing the needs of the local market for petroleum products and natural gas, despite a roughly 12% increase in consumption during the summer, reaching about 7.28 billion cubic feet daily. He explained that the country's natural gas production reached 3.7 billion cubic feet per day in mid-2026, with an expected rise to 4.2 billion cubic feet in the current fiscal year, thanks to the repayment of overdue foreign partner dues, which had reached $6.1 billion. He also noted that the cost of importing natural gas has doubled due to the Iranian war, amounting to approximately $80 million per shipment compared to $40 million previously, due to rising prices, shipping, and insurance costs—adding pressure to Egypt's energy bill. El-Badawy emphasized that natural gas poses a significant challenge, as it is a vital element in electricity generation and heavy industries, and that changes in demand or production levels directly impact the sector. He highlighted the ongoing impact of the global gas market and liquefied natural gas (LNG) prices. The government's plans include increasing gas production, improving refining efficiency to reduce dependency on imports, and enhancing energy supply security.

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