State-run Egyptian Natural Gas Holding Company (EGAS) has signed a contract with Trafigura to import liquefied natural gas (LNG).
Trafigura Beheer BV is a Dutch multinational commodity trading company founded in 1993 trading in base metals and energy, including oil. It is the world’s third largest private oil and metals trader after Vitol and Glencore Xstrata.
The signing ceremony was signed on Thursday by Khaled Abd El Badee -EGAS’s Chairman.
As pursuant to the contract, Abd El Badee stated that Trafigura would supply Egypt with 33 cargoes of LNG between 2015 and 2016.
The signing made in the presence of Sherif Sousa – first under secretary for Gas Affairs at the Egyptian Petroleum Ministry- as well as Tarek El Molla- EGPC President.
Abd El Badee affirmed that Egypt would sign more contracts to import another 75 LNG cargoes in the upcoming period with four winner international firms.
Moreover, EGAS chairman noted that his country had accomplished several important steps to accelerate the procedures of importing the demanded quantities of LNG as part of plans to provide part of Electricity Ministry’s fuel needs.
Egypt is currently in talks with Russia’s Gazprom to import liquefied natural gas (LNG)
Egypt and Gazprom agreed in principle last April to import seven LNG shipments. No details on the volumes have been disclosed.
The country of about 90 million relies heavily on gas to generate power for households and industry, but has had difficulty securing imports because it lacks a terminal to process LNG, which is natural gas chilled into a liquid state.
But 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.
