Egypt plans to stop importing liquefied natural gas (LNG) by the end of the 2017/18 fiscal year ending in June as it speeds up production at recently discovered gas fields, a media report said.

Egypt said previously that it would halt imports by the start of 2019, reported Emirates news agency Wam, citing Reuters.

Petroleum Minister Tarek El Molla was quoted by Reuters as saying the country will save $250 million per month by no longer importing LNG.