Egypt raises natural gas purchase price for 2 international companies at Western Desert
Updated 6/7/2023 9:51:00 AM
Arab Finance: The Egyptian government has agreed on raising the purchase price of natural gas generated by the Tunisian oil and gas company HBS and China’s North Petroleum International Company (NPIC) from their concessions at the Western Desert by 13%, a government official told Asharq Business on June 7th.
The purchase price was raised to $3 per 1 million British thermal units (MBtu).
The move comes as an incentive for foreign partners at the Western Desert to scale up production as part of the country's plan to become a regional energy hub via the liquefaction and re-export of gas.
HBS will pump new investments worth around $70 million to develop its concession at the south-west of Alamein, in order to produce 30 million cubic feet of natural gas per day, the source noted.
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