Seven companies reportedly met with Egyptian Natural Gas Holding Co. (EGAS) to discuss an liquified natural gas (LNG) tender, including: Vitol, Noble Group, Trafigura, EDF Trading, PetroChina, Shell and Gas Natural, reports Reuters.
EGAS will buy 55 LNG cargoes from November this year to December 2016 through a tender it has agreed to with those seven different companies. Originally, only 45 LNG cargoes were to be delivered.
EGAS reportedly said in a statement: “Head of EGAS, Khaled Abdel Badie, said that bids from seven companies had been accepted out of a total of 12 for the shipping of 55 cargoes starting this November and through December 2016.”
The cargoes are expected to meet much of Egypt's near-term energy needs as the government tries to cope with an energy shortage
. Falling output and rising demand have turned the country from an oil and gas exporter to net importer and it has emerged as a major new market for LNG.
Last month Egypt received its second LNG import terminal from Singapore-based Norwegian group BW Gas. The terminal has a capacity of 600 to 700 million cubic feet per day.