Egypt targets importing LNG cargoes worth USD 1.8 bn in FY2017-18

Egypt has budgeted to import LNG cargoes worth USD 1.8 bn in FY2017-18, Oil Minister Tarek El Molla said yesterday, Reuters’ Arabic service reports. El Molla had said last month that Egypt would buy 80 LNG cargoes in FY2017-18. An increase in local production had driven last fiscal year’s LNG purchases down to 118 cargoes from an initial projection of 154. The trend continues this year, as Egypt is reducing its monthly LNG imports by 30% starting this month.