Special to WorldTribune.com

CAIRO — Egypt, rocked by an Islamist revolt and economic crisis, has been forced to halt most natural gas exports.

The government said gas exports declined by more than 80 percent in
April 2014 from the previous year. Gas production also dropped by nearly 15
percent in April.

A report by the state-run Information and Decision Support Center said
Egypt exported $30.5 million worth of gas exports in April compared to $160
million during the month in 2013.

The report did not cite the reason for the
sharp decline, but industry sources said the government was diverting gas
supplies to prevent domestic shortages.

The state-owned Egyptian General Petroleum Corp. has issued a tender to
exchange up to 450,000 barrels of Qarun crude oil for Iraqi Basra
Light. Under the tender, Egypt would receive the Iraqi oil in August.
Qarun comes from wells in Egypt’s Western Desert.

Industry sources said the swap reflected Egypt’s inability to pay for
energy and other imports since early 2013. They said fuel pledged by several
Gulf Cooperation Council states, particularly Saudi Arabia and the United
Arab Emirates, was insufficient to prevent a shortage.

The latest tender, scheduled to remain valid until July 21, was said to
be the latest in Egyptian oil swaps with Iraq. The sources said the
government of President Abdul Fatah Sisi was expected to continue swaps with
Iraq on a monthly basis.

Egyptian Petroleum Minister Sherif Ismail acknowledged the export
decline. In a statement, Ismail, who pledged a significant rise in output by
December 2014, said he ordered state companies to work with foreign partners
to “increase production rates.”

  Domestic demand, Information and Decision Support Center, Sherif Ismail, terrorism cited for 80 percent drop in Egypt gas exports