Cairo - Mubasher: Egypt has recorded a surge in liquified natural gas (LNG) exports by 1 million tonnes or around 900% year-on-year (YoY) during the third quarter (Q3) of 2021, marking the highest growth rates across the world, the Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced on Monday.

In the past seven years, Egypt has adopted a strategy to develop and modernise the petroleum and mineral resources sector to raise its contribution to the comprehensive development and economy as part of Egypt Vision 2030, El-Molla added during a press conference.

The minister further remarked that the oil and gas sector contributed to 27% of the country's gross domestic product (GDP) during fiscal year 2018/2019.

Despite the coronavirus (COVID-19) pandemic, the sector has contributed to around 24% of GDP in fiscal year 2019/2020.

El-Molla referred that the petroleum balance of payments recorded a surplus of about EGP 9.9 billion in 2018-2019 for the first time after years of deficit.

The petroleum trade balance registered a surplus of EGP 9.5 billion in 2020-2021.