Egypt in talks to buy 40-60 LNG cargoes this year amid energy crunch
Egypt is in talks with international energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) to secure emergency fuel imports amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told media.
Egypt's domestic gas output fell in February by 39% to the lowest level in nine years at 3.3 Bm3, according to the latest data available from the Joint Organisations Data Initiative (JODI).
Since early 2024, the most populous Arab country has returned to being a net importer of natural gas, buying dozens of cargoes and abandoning plans to become a supplier to Europe amid the steep decline in domestic gas output.
"The government is now in talks to import at least 40 LNG cargoes and around 1 million tons of fuel oil," an industry source familiar with the matter said.
"Gas was the primary focus, given the more flexible payment options available compared to fuel oil, though the latter remains under consideration if LNG prices are unfavorable," the source added.
A second trading source said Egypt would require up to 60 LNG shipments to cover immediate needs through the rest of 2025, adding that over the long term, the requirement could rise to as many as 150 cargoes.
Discussions are ongoing with Qatar, Algeria, Saudi Aramco and major global trading houses, the sources said.
Related News
Related News
- Three killed, two injured in accident at LNG construction site in Texas (U.S.)
- U.S. ethane exports to China hit new roadblock with license requirement
- Glencore to offtake 2 MMtpy of LNG from Commonwealth LNG's export facility in Cameron Parish, Louisiana
- Woodside approves $17.5-B U.S. LNG project, targets 2029 start
- Galp lifts first LNG cargo from Venture Global's Calcasieu Pass plant
Comments