Saudi Arabia and Libya finance $200 million in gas supplies to Egypt
Saudi Arabia and Libya have provided $200 million in financial aid to Egypt to cover part of the country's gas needs to help cope with the energy crisis.
Saudi Arabia and Libya have financed $200 million in liquefied natural gas (LNG) shipments to Egypt to help the country cope with its energy crisis. Saudi Arabia has covered the cost of three of the 32 LNG shipments Cairo has bought this year, while Libya financed another shipment in July, Reuters reported, citing industry sources.
Egypt, which has seen a sharp decline in domestic gas production, is facing an acute energy crisis. The country needs about $2 billion to meet gas demand until October, but due to a currency crisis, Egypt does not have enough funds to import the fuel in full. The financial assistance from Saudi Arabia and Libya partially covers the country's needs, but the problem is still far from being completely resolved.
These actions highlight the importance of regional support in the face of energy instability and possible further steps for cooperation among Middle Eastern countries.
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