Rosneft eyes building Hydrocarbon Terminal in Suez Canal Economic Zone

rosneftRosneft is looking into the possibility of building an oil and gas terminal in Egypt’s Suez Canal Economic Zone, the Russian trade envoy to Egypt said Tuesday.

Preparations for talks on the hydrocarbon terminal project between Rosneft and Suez economic zone authorities are underway, he added, noting that in 2015, the Russian trade representation in Egypt passed a total of 11 oil and gas development proposals from the Egyptian authorities to Russian companies.

“Currently, the proposal to build a hydrocarbon terminal in the Suez Canal zone has been looked into the most. The Rosneft company is planning to take part in the project from the Russian side,” Fedor Lukashin said in an interview with RIA Novosti.

Russia and Egypt have been increasing cooperation in the energy area. Rosneft signed a framework liquefied natural gas (LNG) delivery agreement with the Egyptian Natural Gas Holding Company (EGAS) in July 2015 and a Master LNG Supply and Purchase Agreement the following month. The first gas delivery took place in May, 2016. The master deal reportedly entails five LNG deliveries.

(Source: Sputnik News)

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