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Egypt agrees with Russia's Rosneft to import 10 LNG cargoes in 2017

The first delivery is expected to arrive in Egyptian ports at the beginning of May

Ahram Online , Wednesday 22 Mar 2017
A logo of Russian state
A logo of Russian state Reuters
Views: 3328
Views: 3328

Russia's top oil producer Rosneft has agreed with the Egyptian gas company (EGAS) to provide Egypt with 10 shipments of liquefied natural gas this year, Al-Ahram daily reported on Wednesday, citing an anonymous source at the petroleum ministry.

The deal comes as "part of the ministry's plans for imports from a number of global suppliers, to satisfy the growing demand for the product during the summer period," the source said.

The first delivery from the Moscow-based company is expected to arrive in Egyptian ports at the beginning of May, according to the report.

Last month, the Egyptian oil minister signed a $1 billion contract with three international companies, including Rosneft, to import 45 shipments of LNG.

The shipments will range between 138,000 and 156,000 cubic metres, and Egypt will have a grace period of six months to pay for them, minister Tarek El-Molla said.

Egypt was once an energy exporter but the country has in recent years become a net importer because of declining oil and gas production and growing consumption.

Last year, Rosneft supplied four liquefied natural gas cargoes to the Egypt, according to the Russian state-run Tass news service.

In June 2016, EGAS told Reuters that Egypt aims to import between 110 and 120 shipments of liquefied natural gas in 2017.

In December, Rosneft bought a 30 percent stake in the giant Egyptian gas discovery, the Shorouk concession, by Italian producer Eni. 

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