EGAS lifts upper price limit on natural gas purchases, extends LNG tender deadline

EGASEgypt’s state-run LNG buyer EGAS extended the bid submission deadline for companies in its ongoing 12-cargo purchase tender to October 31, giving prospective suppliers more time to organize bids.

EGAS also lifted the upper price limit of what it could pay to the equivalent of $65 a barrel of Brent crude oil from $60 a barrel previously, traders said.

Traders speculated whether Egypt’s tender for first quarter 2018 supplies, which is lower than expected, would be followed by additional purchases through government-to-government deals, as happened after previous tender rounds.

Egypt’s surging domestic gas output is rapidly eroding LNG demand and with the country’s giant Zohr gas field set to start pumping in December it may curb appetite further.

(Source: Reuters)

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