EGAS eyes 100 LNG cargoes in 2017

hoegh lngThe Egyptian Natural Gas Holding Company (EGAS) has reportedly set sights on 100 LNG cargoes for 2017 to cover the country’s demand for natural gas. Sources told Reuters that Egypt will pay around US$2.2 billion for LNG to be imported in 2017.

It was reported in November that EGAS secured 60 cargoes for delivery in 2017, with the Swiss commodity trader, Glencore, grabbing the majority with 25 cargoes while the Amsterdam-based Trafigura was awarded the right to supply 18 cargoes.

Other suppliers are BB Energy, Gunvor and Vitol, and six cargoes have been scheduled for 2018.

EGAS initially issued a tender in October, seeking 96 cargoes for delivery in 2017.

According to the latest report, EGAS intends to book the remaining 40 cargoes through memorandums of understanding it has in place with partner countries.

Egypt that has turned a net importer over the course of last year, due to falling production, increased domestic consumption and gas shortages, has deployed two FSRUs in Ain Sokhna that serve as the country’s import terminals.

The Höegh Gallant FSRU, provided by Höegh LNG, began operations in April last year, while the FSRU BW Singapore, provided by BW, has been in full operation since October 2015.

The country has plans to deploy a third FSRU by the end of June 2017 to handle a surge in LNG demand from new power plants coming online.

(Source: LNG World News)

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