Egypt Plugs Gas Supply Gap With LNG Cargoes

Egypt is close to securing LNG cargoes to avert a gas crunch, and is buying liquid fuel to bridge the gap until these shipments arrive from September. But long term gas supply deals, at prices Egypt can afford, are proving difficult to come by.

Egypt is close to completing deals for 12 cargoes of liquefied natural gas (LNG) for delivery to a new import terminal from September to year-end, as Cairo seeks to secure long term gas contracts.

The 45,000-ton LNG cargoes will be supplied by Russia’s Gazprom, Algeria’s Sonatrach and EDF Trading, the London-based trading arm of France’s EDF, Tarek El Molla, CEO of state-owned Egyptian General Petroleum Corporation (EGPC) tells MEES, correcting earlier media reports that had identified France’s GDF as a supply partner. (CONTINUED - 1057 WORDS)