Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas (LNG), as it ramps up purchases to meet power demands.
These deals represent Egypt’s largest-ever LNG import commitment, estimated to cost over $8 billion at current prices. According to Reuters, the agreements involve global energy players such as Saudi Aramco, Shell, Vitol, Trafigura, BGN, SOCAR and PetroChina.
Between 50 and 60 cargoes will be allocated to meet demand in 2024, in addition to the 75 cargoes already acquired earlier this year, with the remaining volumes scheduled for delivery through the end of 2026 bringing total imports to 235 cargoes over the two-year period.
The cargoes were priced at a premium of $0.70-$0.75 above the Dutch TTF hub gas price, with a nine-month deferred payment structure in place.
