The Russian oil company Rosneft has agreed to source and export 3.5m tons of LNG to the Egyptian Natural Gas Holding Company (EGAS) over the next two years, the Middle Eastern company’s Chairman Khaled Abdel Badie said this week. EGAS expects to take delivery of the first of 24 LNG shipments by the end of the year.
Badie added that the contract with Rosneft would help Egypt cover a deficit in the domestic market and compensate for the gap between current production and demand until new gas projects are launched in the country.
Egypt holds Africa’s third-largest gas reserves, and the government expects to raise up to $35bn in foreign investments in the coming years for the implementation of 50 oil and gas projects. Rosneft’s partner BP has major operations in Egypt.
Rosneft also signed an agreement with the Egyptian General Petroleum Authority (EGPC) for the supply of petroleum products and liquefied petroleum gas (LPG).
Rosneft to supply EGAS with LNG
EGAS Chairman Khaled Abdel Badie
Source: rbth