Posted - Monday, 14 October 2013 - Hellenic Shipping News Worldwide
Egypt's state-owned Egyptian Natural Gas Holding Company (EGAS) has
issued a tender for a floating storage and regasification unit (FSRU)
which it hopes to use by next April, EGAS's deputy chairman told
Reuters.
An FSRU is a floating terminal used to import liquefied natural gas
(LNG). The tender was issued last week, Khaled Abdel Badie told Reuters
by telephone, without giving further details.
"We are renting it," Abdel Badie said. "It is expected to be used by next April. We hope so. It depends on the offers."
Egypt can export LNG but cannot import it without such a terminal, of which there is a global shortage.
Qatar, the world's largest LNG exporter, agreed in May to donate five
cargoes of LNG to Egypt and initial talks were held to acquire at least
13 more.
Egypt was able to allocate the Qatari LNG cargoes it received to foreign
partners, freeing up more of its own gas for the domestic market.
In July, however, the Egyptian army toppled Islamist President Mohamed
Mursi, throwing into doubt the deal with Qatar, his government's main
financial backer.
Buffeted by political and economic turmoil since the overthrow of
longtime leader Hosni Mubarak in 2011, Egypt has struggled to find cash
for energy imports, deepening fuel shortages and causing frequent power
cuts.
Prime Minister Hazem el-Beblawi said in a newspaper interview published
last month that Egypt was close to agreeing a schedule for repaying $6
billion in outstanding debt to foreign oil companies.
Source: Reuters
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