The 3 Week Diet System

Saturday, May 23, 2015

Egypt set to launch $3b LNG purchase tender in June

May 24:

MILAN/CAIRO: Egypt is set to launch what will be a highly sought after tender in early June to buy up to $3 billion of liquefied natural gas (LNG) over 2016 and 2017, senior state officials and trade sources said.

Egypt has emerged as a major new market for LNG. This year it secured $2.2 billion worth of LNG largely from European traders in its first-ever tender to supply a newly installed import terminal moored on its Red Sea coast.

A new tender to purchase additional cargoes will go towards supplying Egypt’s second planned floating import terminal, known as a Floating Storage and Regasification Unit (FSRU).

Work on securing that terminal is ongoing and any delays could alter the tender launch date.

Chairman of the Egyptian Gas Holding Company (EGAS) Khaled Abdel Badie said that it will close the bidding for the new FSRU by the end of this month.

“We aim at issuing a tender to import LNG shipments during the first half of June, which is aimed at meeting the needs of the second FSRU,” Badie said.

Two traders with knowledge of the matter said that Egypt will tender to purchase 96 LNG cargoes for delivery over the 2016-17 period.

“That’s the intention although the supply might start before, around Q4 2015,” one of the traders said.

Badie said EGAS has not yet decided on the number of required LNG shipments nor has it set a firm date for the start of deliveries.

Source: http://gulftoday.ae/portal/0eaac5ad-c85f-4798-8ff3-b9bb84273d3d.aspx?

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