Egypt starts LNG exports to Spain
Egypt's first shipment of LNG left the port of Damietta for Spain, opening up a new export sector crucial to the
country's economic future.
The shipment is owned by Spanish oil and gas firm Union Fenosa, which was part of the venture that built the Damietta
facility on the Mediterranean coast.
This export activity started as Egypt's Minister of Petroleum Sameh Fahmisaid oil exports, including petrochemicals
and natural gas, reached $ 1.3 bn in the first quarter of the 2004-2005 fiscal year.
Three new natural gas sites were discovered and other 13 new oil wells were drilled to add 84 mm barrels to the
Egyptian oil production, he added. The oil experts have managed to fix the daily oil production rate at an average of
700,000 barrels, the Minister noted.
The minister's remarks were made following an economic report from the Egyptian General Petroleum Corporation on the
Egyptian oil production.
According to the report revenues of supplying foreign airplanes and ships hit some $ 222 mm during the same period,
and that expenditures of oil companies working in Egypt reached $ 600 mm.
