The Egyptian Natural Gas Holding Company (EGAS) has contracted Singapore-based BW Gas to provide Egypt with its second liquefied natural gas (LNG) floating import terminal, scheduled to arrive off Ain al-Sokhna port in late September, Reuters reports.
EGAS and BW Gas have reportedly signed a 5-year, USD 300 million contract. The new terminal will have the capacity of 750,000 cubic meters, and will start operations mid-October.
The ship is expected to have a capacity of producing 42 liquefied natural gas (LNG) shipments on an annual basis, and the single shipment volume capacity ranging between 140,000-170,000 cubic meters, Daily News Egypt informed back in April, citing an official from EGAS.
EGAS seems to have decided to place the second LNG in Ain al-Sokhna port, as initially planned, after announcing back in April that the second terminal will be situated off Adabiya Port, due to security reasons.
Egypt’s first LNG floating import terminal – the FSRU Höegh Gallant – started operations off Ain al-Sokhna back in April. Höegh LNG Holdings and EGAS also signed a five-year contract, expected to bring an average annual EBITDA of around USD 40 million to the Oslo-listed company.
World Maritime News Staff