Fahmy: Liquefied gas project records $128m profits

Egypt has made $128 million in additional profits after running a new liquefied gas unit nine months ahead of the scheduled date of operation, petroleum Minister Sameh Fahmy said on Thursday.

The unit, located in Edko, Beheira, north of Cairo, is the second of two such phases. The first opened in May five months earlier than planned. The project could thus cover its costs before its actual operation, Fahmy said.

The petroleum sector policy aims at achieving the highest profits through exporting natural gas at the highest rate and making use of good relations with importing countries.

The minister noted that the prices of Egyptian gas are among the highest on the global markets.