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Oil & Gas

Egypt signs $1 billion LNG import deal with Russia, France, Oman

Posted: February 6, 2017 at 4:03 pm   /   by   /   comments (0)

LNGEgyptian Minister of Petroleum and Mineral Resources Tarek El-Molla announced that the Egyptian Natural Gas Holding Company (EGAS) entered into agreements with Russia’s Rosneft, the French Engie and the Omani OTI Company, according to local media.

Egypt signed a $1 billion contract on import of liquefied natural gas (LNG) with Russian, French, Omani companies, local media reported Sunday citing the Egyptian energy minister.

Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla announced that the Egyptian Natural Gas Holding Company (EGAS) entered into agreements with Russia’s Rosneft, the French Engie and the Omani OTI Company, the Al-Ahram Daily newspaper reported.

The deal stipulates the import of 45 shipments of LNG by March, up to 5.5 million cubic feet each, while Egypt will have a grace period of six months to pay for the shipments, the newspaper specified.

In December 2016, Rosneft CEO Igor Sechin said during his visit to Egypt that Rosneft and EGAS were interested in extending cooperation in LNG supplies.

(Source: Sputnik News)

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