Egypt signs LNG cargo deal worth $2.2bn

Egypt signs LNG cargo deal worth $2.2bn
Egypt has become a net importer of energy in recent years
Published: 26 January 2015 - 2:15 a.m.
By: Christopher Kelly

The Egyptian State gas board has awarded a tender to import 75 cargoes of liquefied natural gas (LNG) to four international companies. The deal is worth $2.2bn, according to the company’s chairman.

Egypt’s beleaguered energy sector has been in decline for a number of years and the North African nation has recently become a net energy importer, rather than exporter.

The four companies will supply four cargoes a month over about two years, Khaled Abdel Badie of state-run Egyptian Natural GasHolding Company (EGAS) told Reuters.

Abdel Badie did not identify the four companies. Seven firms, including London-based energy major BP, bid for the tender in October.

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