Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt To Get First LNG Cargo Next Month Amid Plans To Export Gas
Published in Amwal Al Ghad on 24 - 02 - 2015

Egypt, with Africa's third-largest reserves of natural gas, plans to receive its first cargo of foreign liquefied fuel next month, a government official said.
The country is set to import at least 76 shipments of liquefied natural gas, or LNG, to help meet domestic needs until it can boost its own gas production and restore exports after halting them last year, said Hamdy Abdel Aziz, head of the Petroleum Ministry's media department. He didn't identify the supplier of the shipment due in March at a floating regasification terminal in Ain al-Sokhna on the Gulf of Suez.
"We expect that by 2020 we will stop importing gas," Abdel Aziz said in a phone interview Monday from Cairo. "Depending on the needs of the local market and the diversity of its energy mix, we may resume exports after 2020 as major field development and exploration projects are under way."
The North African country's gas output peaked in 2009 at 647 billion cubic feet, according to the U.S. Energy Information Administration. Exports dropped as the Arab world's most populous nation used more fuel in industries and homes and amid attacks on a gas pipeline to Israel and Jordan.
Egypt has signed 56 contracts for $12 billion in exploration investment since November 2013, according to the ministry. BP Plc, RWE AG, Dana Gas PJSC, Edison Spa and Total SA won licenses this year. State-run Egyptian Natural Gas Holding Co. is offering eight additional concessions in the Mediterranean Sea, the ministry said Sunday.
Second Terminal
The government has agreed to buy cargoes of LNG from Trafigura AG, Vitol SA, Noble Clean Fuels Ltd and Algeria's Sonatrach, according to the ministry's website. It's also in talks for shipments from BP and Gazprom OAO.
The country will need to lease a second floating regasification terminal as imports increase, Abdel Aziz said. LNG is gas chilled to a liquid that tanker ships can transport to distant destinations not linked by pipelines.
Egypt has two LNG-exporting plants, with shipments from one of them, operated by Union Fenosa Gas, stopped since 2013. The other plant, run by BG Group Plc, declared force majeure in January 2014, citing "ongoing diversions" of its gas supply to the local market, according to BG's website.
International companies began to invest again in Egypt to explore for and produce gas after receiving some of the overdue payments owed them for past production. The government halted the earlier payments amid political unrest that hurt official finances by curbing tourism and deterring investors.
The latest contracts awarded include drilling rights in the Nile Delta and Western Desert and in offshore areas of the Mediterranean and Gulf of Suez.
Source: Bloomberg


Clic here to read the story from its source.