Egypt to lease gasification ship from Cyprus this summer: Official
Updated 2/18/2025 10:16:00 AM
Arab Finance: Egypt plans to sign an agreement with Cyprus in March to lease a floating gasification unit for the summer, an unnamed government official told Asharq Business.
The Cypriot ship has a capacity of 500 million cubic feet of liquefied gas per day. Once the deal is finalized, it will be the fourth gasification vessel Egypt has leased in the last two years.
However, the Egyptian Ministry of Petroleum has not immediately responded to these comments.
Last December, Egypt leased a floating gasification unit for liquefied natural gas (LNG) shipments and also reached a deal with US company New Fortress Energy to lease another unit, set to begin operations in the second half (H2) of 2025.
These vessels will join the existing Hogg Galleon, which has a similar capacity.
Egypt, which was previously a net exporter of LNG, plans to continue importing natural gas until at least the fiscal year (FY) 2029/2030 to meet growing power generation needs amid declining domestic production.
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