Egypt receives LNG storage unit
Egypt The storage unit will be leased for five years under an agreement signed in November 2014. The state-owned Egyptian Natural Gas Holding Company has signed gas import deals with several companies including US company Noble Energy, Algeria’s Sonatrach and Russian firm Gazprom, as well as Dutch multinationals Vitol and Trafigura. The LNG imports will help Egypt meet domestic gas demands and avoid crippling blackouts.
Traditionally an LNG exporter, Egypt has faced difficulties producing enough gas to meet domestic demand due to the interruption of exploration and production that resulted from the country’s outstanding debt to foreign oil and gas companies. The country has been paying back arrears, and now owes slightly more than $3 billion.
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