Egypt’s state gas firm EGAS has signed a $300mn deal with Singapore-headquartered Norwegian gas shipping firm BW Gas for a five-year lease of a 750mn cfd capacity floating storage and regasification unit (FSRU) to be moored at the Red Sea port of Ain Sukhna. It will be the second FSRU moored at Ain Sukhna following the arrival of Hoegh’s 550mn cfd Gallant floating terminal in April.

Egypt’s Oil Minister Sharif Isma’il says he expects the ship to arrive in September with LNG shipments due to begin in October. (CONTINUED - 270 WORDS)