Egypt and Russia to finalize LNG deal
Egypt and Gazprom had agreed in principle last April that Gazprom would supply Egypt with seven LNG shipments as the country struggles with an ongoing energy crisis.
According to media sources, a delegation from Gazprom will visit Egypt around mid-January. If the visit is concluded with positive results, the deal with Russia will be the second LNG deal concluded by Egypt since the country signed an agreement with Algeria for six LNG cargoes in late December.
Egypt has been struggling to secure gas imports given their lack of LNG terminals, which can receive natural gas which has been chilled into a liquid state. However, the country contracted Norway’s Hoegh LNG for a floating storage and regasification unit, which opens the door for LNG imports. The terminal is expected to be operational by the end of March.
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