Hoegh Galleon FSRU has arrived at Ain Sokhna LNG imports facility in the Gulf of Suez to start LNG regasification and storage service for Egypt.
Hoegh Galleon FSRU has arrived at Ain Sokhna LNG imports facility in the Gulf of Suez to start LNG regasification and storage service for Egypt under an agreement signed last month between Egyptian Natural Gas (EGAS) and Hoegh LNG for an interim period of June 2024 to February 2026.
The African country has to re-start LNG imports as it faces gas supply deficit due to the high seasonal gas demand in summer and diminishing domestic gas output.
The 170,000-CM Hoegh Galleon FSRU had already received its cargo at Sagunto terminal in Spain.
Reuters has cited industry sources as saying that Egypt plans to issue a buy tender seeking up to 20 LNG cargoes to cover heavy summer demand that had led to a wave of rolling blackouts and forced temporary shutdowns of chemical and fertilizers plants. The LNG cargoes to be imported between July and October.
The country has returned to being a net importer of natural gas, reversing its position as an exporter in recent years as part of a plan to become a supplier to Europe.
Egypt's natural gas output down 11.5 % YoY to around 59.3 BCM in 2013, the lowest production level since 2017.
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