Noble Energy Nabs Egypt LNG Deal

The Egyptian Gas Holding Company (EGAS) signed on February 16 the contract with the Texas-based Noble Energy for seven shipments of Liquefied Natural Gas (LNG), Egypt’s Ministry of Petroleum reports.

The first shipment is due in April, with the remaining six scheduled for delivery throughout the next two years.

Egypt, once a producer and importer of natural gas, is looking at opportunities to secure sustainable gas supply as it struggles to resolve the ongoing energy crisis triggered by reduced production and increasing demand.

Back in January, Egypt selected four companies as winners of a USD 2.2 billion tender for seventy-five LNG shipments, which the country plans to receive at its first LNG terminal due to be opened by the end of March.

Prior to Noble Energy, Egypt had signed shipment deals with Algeria for six, Russia’s Gazprom for seven, and Dutch Trafigura for thirty-three LNG cargoes.

World Maritime News Staff