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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.
The import of costly liquefied natural gas (LNG) has been a necessity for Cairo, which is trying to get to grips with falling gas output, which has dropped from 6.2bn cfd at end-2011 to just 4.3bn cfd in May. Blackouts have become commonplace in Egypt in recent times, particularly during the peak summer months. (CONTINUED - 270 WORDS)
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