Libya and Saudi Arabia have financed the purchase of gas cargoes worth at least $200 million to help Egypt ease its energy crisis this summer amid a steep decline in domestic gas output, two industry sources familiar with the matter told Reuters.
Egypt needs some $2 billion worth of gas to cover summer demand through October, according to one of the two sources familiar with the government’s plan, but a hard currency crisis means it lacks funds to fully cover imports of liquefied natural gas.
The two sources said Saudi Arabia had financed three of the 32 LNG cargoes Cairo has bought so far this year, which according to Reuters calculations are worth around $150 million at current prices.
Libya bought one cargo in July worth around $50 million with funds of the Libyan National Oil Corporation, the sources added.
Egypt’s gas bill and funding from Saudi Arabia and Libya have not been previously reported.
