EGAS inks deal with New Fortress Energy for floating gasification unit
Updated 12/8/2024 3:29:00 AM
Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with the American company New Fortress Energy to lease a second floating gasification unit in the local market, the Egyptian Ministry of Petroleum and Mineral Resources announced in a statement.
The floating gasification unit, set to be the second of its kind in Egypt, boasts state-of-the-art technology, with a storage capacity of 160,000 cubic meters of liquefied natural gas (LNG) and a gasification capacity of up to 750 million cubic feet per day.
The unit will be stationed at the marine pier of SUMED Port in Ain Sokhna, with operations slated to begin in the second half (H2) of 2025.
This agreement is part of Egypt's broader strategy to address the growing demand for natural gas, particularly during peak summer consumption periods.
In addition, the deal supports the integrated efforts of the Ministries of Petroleum, Electricity, and Renewable Energy to optimize Egypt's energy mix, with a focus on increasing the share of renewable energy in electricity generation.
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