Egypt exports new LNG cargo to Turkey under Shell contract

Egypt has exported a new shipment of liquefied natural gas (LNG) for global energy major Shell (NYSE: SHEL), loaded from the Idku LNG complex on the Mediterranean coast, according to a statement issued on January 26, cited by Economy Plus.

Ownership of the Idku LNG plant is shared between Shell and Malaysia's Petronas, which together hold about 71% of the facility. The Egyptian government, represented by the Egyptian General Petroleum Corporation and EGAS, owns a combined 24%, while TotalEnergies (EPA: TTE) holds the remaining 5%.

The cargo, estimated at around 150,000 cubic metres of LNG, departed from the Idku facility and is heading to a Turkish port. The shipment forms part of Egypt’s ongoing efforts to meet its contractual obligations with foreign partners and supports confidence among international investors in the country’s gas sector.

Egypt has stepped up LNG exports to underline its commitment to existing offtake agreements, a move seen as critical to encouraging further upstream investment aimed at boosting domestic gas output. During Q1 2025, Shell exported three LNG cargoes from Idku to Greece, Italy and Turkey.

Egypt’s Ministry of Petroleum is targeting gas production of 6.4–6.6bn cubic feet per day over the next five years, supported by major investment programmes from international companies. These include about $8bn from Italian energy major Eni (BIT: ENI) and $5bn from UK’s BP (LSE: BP).

Egypt is expected to drill 14 exploratory wells in the Mediterranean, targeting reserves of around 12 trillion cubic feet, as it accelerates efforts to raise output, curb imports, and strengthen energy security.