Gazprom might produce gas in Egypt

Gazprom is among the companies that are interested in the acquisition of assets of the Italian company Edison in Egypt. Gazprom has not officially commented on this information, however a source said that it probably concerned with the possibilities of supplies of liquid natural gas to European markets.

It is not ruled out that Gazprom might purchase Edison's 35.5 percent stake in the project on producing liquid natural gas (Egyptian LNG). The project's cost is $1.35bn.

The participants of the project are BG (35.5), Edison (35.5 percent), Egyptian General Petroleum Corporation (12 percent), Egyptian Natural Gas Holding Company (12 percent) and Gaz de France (5 percent).

According to the Russian trade representative office in Egypt, Egyptian gas reserves amount to 55 trillion cubic meters.

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