Saudi Arabia and Libya have jointly financed gas cargoes worth over $200 million to aid Egypt in its energy crisis this summer.
This support comes as Egypt grapples with a significant decline in domestic gas production.
Egypt requires around $2 billion in gas imports to meet summer demands through October.
However, a foreign currency shortage hampers its ability to fully fund these liquefied natural gas (LNG) purchases.
Sources reveal Saudi Arabia has financed three out of 32 LNG cargoes bought by Egypt this year, valued at approximately $150 million.
Additionally, Libya purchased a $50 million cargo in July with funds from its National Oil Corporation.
Egypt’s petroleum ministry declined to comment on gas tender details, and requests for comments from Saudi and Libyan officials went unanswered.
Saudi Arabia and the UAE have been significant financial supporters of Egypt’s President Abdel Fattah Al-Sisi.
Domestic gas production in Egypt has dropped significantly, and the country’s debt burden is growing.
The financial strain and increasing energy demands pose challenges to Egypt’s economic stability and infrastructure development.
