Arab Finance: The Export-Import Bank of the United States (EXIM) has approved an export credit insurance authorization exceeding $2 billion to support US liquefied natural gas (LNG) exports to Egypt, as per a statement.

The financing is expected to back LNG shipments scheduled for 2026 and 2027 under contracts between Hartree Partners and the Egyptian General Petroleum Corporation (EGPC).

EXIM said the approval is part of its efforts to support American exporters in global energy markets and strengthen the US’ position as a supplier of LNG, amid rising global demand for energy.

“American energy is in demand, and American workers deserve to be the ones supplying it,” said John Jovanovic, Chairman of EXIM. “This authorization puts US energy molecules to work in a critical market, stands behind American exporters who need a partner willing to compete, and deepens a strategic relationship that secures our supply chains and opens new doors for US industry.”

The bank noted that the authorization supports US energy sector activity and contributes to expanding commercial ties between the US and Egypt.

EXIM added that it continues to play a role in enabling American companies to access international markets while supporting employment and participation in the global energy sector.

It is noteworthy that Israel halted LNG exports to Egypt last month after a joint US-Israel strike on Iran, as the offshore gas field Leviathan, operated by Chevron, has been shut down.

Recently, Egypt has reached an agreement with Libya to import at least 1 million barrels per month of Libyan oil due to a halt in Kuwaiti crude supplies caused by the effective closure of the Strait of Hormuz. This agreement follows a request by the state-run EGPC to Libya’s National Oil Corporation (NOC).