Egypt has launched a tender for 20 cargoes of liquefied natural gas to cover electricity demand during the winter in the face of a sharp drop in domestic gas production.
This is the first time Egypt has launched a tender to cover winter demand since 2018. The tender launched by the Egyptian General Petroleum Corporation (EGPC), which is due on September 12, covers 17 cargoes to be delivered between October 4 and November 29 to the floating LNG terminal moored at the port of Ain Sokhna, at the mouth of the Red Sea, and three to the port of Aqaba, Jordan, during the same period.
Egypt’s domestic gas production hit a six-year low in May, down about 25% from a peak in 2021, and is expected to decline by another 22.5% by the end of 2028, Reuters reported, citing consultancy Energy Aspects.
Saudi Arabia and Libya have financed the purchase of gas shipments worth at least $200 million to help Egypt cope with a worsening energy crisis.
