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Egypt in $2.2 billion Shipping Deal

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A US$2.2 billion tender has been awarded by Egypt’s state gas board to import 75 cargoes of LNG to four international firms.

According to gCaptain, Egypt has seen a decline in production and an increase in consumption, resulting in the country becoming a net importer.

The four companies will supply four cargoes a month over around two years.

Seven firms, including London-based BP, bid for the tender in October, 2014.

The country has had difficulty securing imports because it does not have the terminal required to process LNG.

However, after two years of delays, Egypt contracted Norway’s Hoegh LNG for a floating storage and regasification unit, opening the door to LNG imports once the terminal is operational by the end of March, 2015.

Since the deal with Hoegh was finalised, Egypt has signed a deal with Algeria for six LNG cargoes and expects to complete an agreement with Russia’s Gazprom later this month.

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