Egypt’s Suez Canal Authority said it will amend a surcharge on loaded crude oil tankers to 25% of normal transit dues and on empty crude oil tankers to 15% of the dues, effective April 1, according to a circular issued on Tuesday.

It added that the additional fees were temporary and could be modified or canceled according to the changes in the maritime transport market.

The Suez Canal is one of the busiest waterways in the world and the shortest shipping route between Europe and Asia. It is also one of the main sources of foreign currency for Egypt, with revenues reaching eight billion dollars in 2022.

Separately, the head of the Egyptian Natural Gas Holding Company (EGAS) said on Tuesday that gas production in Egypt would remain stable this year at 6.4 billion cubic feet (bcf) per day, but added that the country had ambitious plans for offshore exploration.

Addressing an energy conference in Cairo, EGAS Chairman Magdy Galal said: “For 2024 and 2025 we have a very good, ambitious drilling campaign. We are planning to drill around 30 exploratory wells, most of them offshore, during the current and next fiscal year.”

He noted that Egypt had the capacity to export about 13 million tons annually through its two liquefied natural gas (LNG) plants, but expected to export about 8 million tons this year, apart from any boost in gas imports from Israel.

Egypt began importing gas from Israel in 2020 as it sought to position itself as a regional energy hub, increasing exports of its own gas and Israeli gas as LNG.

In June, Egypt signed a framework agreement with the European Union and Israel to expand gas exports at a time when Europe rushed to find alternatives to Russian gas.