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Friday, June 27, 2014
During a visit to Algeria by Egypt’s newly elected president, Abdel Fattah al-Sisi, a deal was struck that will have Algeria supplying Egypt with LNG. Algeria will supply five cargos of LNG to its fellow North African country before the end of the year.
While no consensus was reached on the pricing of the LNG the agreement is expected to be a done deal shortly, but it was revealed that the five cargos will be 145,000 cubic meters in size.
Sisi’s visit to Algeria was aimed at garnering support to counter Islamist militancy and cooperation on the chaos in neighboring Libya.
Oil Minister Ismail said earlier this year that negotiations with Algeria’s state-run firm Sonatrach were for around 400 million cubic meters of LNG, but the total agreed on in the Sisi deal is for far less, only 725,000 cubic meters.
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