Egypt to stop importing LNG by end of FY 2017/18

Egypt plans to stop importing liquefied natural gas (LNG) by the end of the 2017/18 fiscal year ending in June as it speeds up production at recently discovered gas fields, Petroleum Minister Tarek El Molla said on Saturday.

Egypt said previously that it would halt imports by the start of 2019.

El Molla said the country will save $250 million per month by no longer importing LNG.

Source: Reuters