Egypt inks an agreement with Trafigura for 33 LNG cargoes

06/02/2015 00:21 Natural Gas

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Egypt has inked an agreement with trading house Trafigura to import 33 shipments of liquefied natural gas (LNG) spread over 2015 and 2016, the lion's share of a transaction settled with trading firms, as stated by the energy ministry on Thursday.

The agreement is part of the larger tender for four international companies to supply 75 shipments of LNG that was launch in December, according to the declaration. Vitol, Noble Group, Trafigura and BP won the tender to provide 75 LNG cargoes to state-owned gas company EGAS, as stated by traders familiar with the matter. Egypt hopes to inaugurate its first LNG import terminal in March, without revealing the value for the Trafigura transaction. Egypt has developed as a significant new market for LNG since it aims to lessen the worst energy crisis in decades. Decreasing production and increasing demand have transformed the country from an oil and gas exporter to net importer. The country of approximately 90 million depends very much on gas to generate electricity for households and industry, but has had troubles ensuring imports since it did not have a terminal to process LNG. Egypt contracted Norway's Hoegh LNG for a floating storage and regasification unit after two years of postponements, opening the door to LNG imports. Egypt has also signed LNG import agreements with Algeria's state-run Sonatrach for six cargoes and the trading division of Russia's Gazprom. EGAS is also negotiating a five-year import contract with Sonatrach.

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