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Egypt’s Ministry of Petroleum has since December finalized deals to import 76 LNG cargoes by mid-2017. Discussions are currently taking place with Russian-state firm Gazprom to import a further 35 over 5 years (see table).
Of this, 70 cargoes worth $2.2bn were awarded in January to BP and trading firms Trafigura, Vitol and Noble Group. Algeria’s Sonatrach earlier signed to provide six more cargoes.
MEES understands that some of these deals include a slope ranging between 12.5% and 14% of the Brent oil price. Despite Egypt’s record of backed-up payments, traders are more prepared to take credit risks as Cairo has begun repaying its debts to IOCs.
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