An official at state-owned Egyptian General Petroleum Corporation (EGPC) on Tuesday said the North African country will import around $3.55 billion worth of liquefied natural gas (LNG) in the 2015-2016 financial.
The cost of the LNG that will be imported during 2015-2016 will be around $3.55 billion
Egypt moved closer to easing its chronic power shortages this month with the arrival of a floating import terminal marking the start of imports of super-cooled LNG.
Egypt has exported LNG in the past, but the new terminal will allow the country to begin imports.
“The cost of the LNG that will be imported during 2015-2016 will be around $3.55 billion,” an EGPC official told Reuters by phone, speaking on condition of anonymity.
The Egyptian financial year starts in July.
The EGAS state gas board has agreed to import 35 LNG cargoes from Russia’s Gazprom over five years.
This year and next it has agreed to take 33 cargoes from Trafigura, 9 from Vitol, 7 from Noble and 6 from Algeria’s Sonatrach.
Energy is politically sensitive in Egypt, where dissatisfaction with persistent power cuts has sparked protests that have helped topple two leaders in four years.
Understand Africa's tomorrow... today
We believe that Africa is poorly represented, and badly under-estimated. Beyond the vast opportunity manifest in African markets, we highlight people who make a difference; leaders turning the tide, youth driving change, and an indefatigable business community. That is what we believe will change the continent, and that is what we report on. With hard-hitting investigations, innovative analysis and deep dives into countries and sectors, The Africa Report delivers the insight you need.
