Egypt will import 6 cargoes of LNG from Algeria between April and September
An undated handout photo shows a Dana Gas rig in Egypt
Egyptian petroleum minister Sherif Ismail set off for a two-day visit to
Algeria on Monday to sign a Liquefied Natural Gas (LNG) import
agreement with the oil rich North African country, according to a
Reuters report.
The Egyptian government announced earlier this month that it will
import six cargoes of LNG from Algeria between April and September 2015.
A member of the delegation accompanying the minister told Reuters, that
Egypt wants to discuss pricing with Algeria as LNG prices are expected
to go down amid plunging international oil prices.
Egypt signed, in November, an agreement with Norwegian Liquefied
Natural Gas services firm, Hoegh LNG to rent a Floating Storage and
Regasification Unit (FSRU) for five years. This allows Egypt to Import
LNG, to ease its energy shortages.
Egypt has been suffering from a mounting energy crisis as domestic
production of natural gas, predominantly used in power stations, was
disrupted by the political turmoil of the past three years.
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