Egypt seeks 20 LNG cargoes for winter

Updated 9/8/2024 4:18:00 AM
Egypt seeks 20 LNG cargoes for winter

Arab Finance: Egypt is looking to purchase 20 liquefied natural gas (LNG) cargoes to be delivered from October to December, marking its first time importing LNG for the winter season since 2018, Bloomberg reported.

The Egyptian General Petroleum Corporation (EGPC) has issued a tender for 17 cargoes to be delivered to its floating terminal in Ain Sokhna and three additional shipments to Aqaba, Jordan.

The move comes as Egypt faces a significant decline in domestic gas production, exacerbated by an unusually hot summer, leading to an increase in LNG imports to levels not seen since 2018.

The decision to secure these additional cargoes could position Egypt as a net LNG importer and may drive up prices in Europe and Asia.

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