Europe's LNG demand driving Egypt's exports

Europe's energy crisis continues creating demand for LNG, especially from the Mediterranean, Egyptian Petroleum Minister Tarek El Molla said on Wednesday.

Egypt, which has increased its capacity for LNG exports to 12 MMtpy, also operates the Suez Canal, among the world's busiest waterways for oil vessel transit.

"The proximity of the Mediterranean basin has given us this edge of being very close and to mediate markets opposite sides from where we are, so currently most of if not all of the LNG cargoes leaving our shores are going to Europe," he said at the CERAWeek by S&P Global conference in Houston.

(Reporting by: Marianna Parraga)

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