Egypt is gearing up to export 2 shipments of liquefied natural gas (LNG) to Europe within next week, with quantities ranging between 240 and 250 million cubic meters, according to local media reports.

The shipments will depart from the liquefaction stations in Idku and Damietta in mid-December 2023 as part of the Egyptian Ministry of Petroleum's plan to export a total of 5 shipments before the end of 2023, according to media reports.

The two shipments will consist of locally produced LNG as well as imports from abroad and Egypt aims to export one million tons of liquefied natural gas before the end of this year.

In recent years, Egypt has seen a significant increase in revenues from liquefied natural gas exports. In 2022, the country's earnings reached approximately $8.4 billion, in a 140% increase from the $3.5 billion recorded in 2021.

Egypt boasts LNG terminals along its Mediterranean coast, with an annual export capacity of 12 million metric tons and has set its sights on reaching this target by 2025.

Earlier this week, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that the total value of Egypt's exports reached $52.1 billion in 2022 in an increase of 19.4% compared to $43.6 billion in 2021.

The exports’ distribution came as follows: the value of non-oil exports reached $35.5 billion in 2022, compared to $32.6 billion in 2021, an increase of 9%. Additionally, the value of petroleum exports reached $16.6 billion in 2022 compared to $11.0 billion in 2021, an increase of 50.1%.