Egypt explores long-term LNG agreements to secure energy needs
Updated 11/20/2024 8:47:00 AM
Arab Finance: The Egyptian Natural Gas Holding Company (EGAS), affiliated with the Ministry of Petroleum and Mineral Resources, is in talks over long-term agreements to import liquefied natural gas (LNG), an unnamed source official from the ministry told CNN Business.
This move comes as part of a strategic shift from launching international tenders for importing LNG.
These discussions aim to safeguard the country from the volatility of global LNG spot prices and ensure a steady supply to meet domestic demand.
The shift comes after Egypt began importing LNG in April to address increased natural gas requirements, particularly from the electricity sector, amid efforts to curb power outages during peak demand periods.
Since then, EGAS has relied on deliveries routed through the Sheikh Sabah Al-Ahmad Al-Sabah Port in Aqaba, Jordan.
The imported LNG is re-gasified at a floating facility in Jordan and transported via a pipeline linking the two countries.
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