Europe gas crisis is a jackpot for Egypt
As governments such as Europe and the US make plans to block imports of Russian oil, they’re left with fewer alternatives for natural gas. Russia is stepping up pressure on European countries to pay for Russian natural gas imports in rubles to prop up the value of the Russian currency.
As gas prices skyrocket and European countries scramble for non-Russian gas suppliers, other emergent gas exporters are reaping a windfall. In the first four months of 2022, gas export revenues in Egypt reached $3.9 billion. That’s as much as the country earned from gas in all of 2021—and 768% higher than its gas revenue in all of 2020.
In April, Egypt inked a deal with Italian gas giant Eni to ramp up production and streamline the export process. It is also accelerating plans to build an underwater electricity transmission line to Greece, which would deliver power to Europe from Egyptian solar and wind farms.
