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Monday, October 31, 2016
A tender for 96 cargos of LNG has been issued by Egypt. According to reports this is the world’s biggest tender for LNG.The problem with the tender is that new rules established by the Egyptian government could have firms waiting as long as six months to get paid, this along with Egypt’s worsening credit profile could put some suppliers off.
EGAS released tender documents on Sunday bidding to secure 96 LNG shipments in 2017 and 2018, participants in the tender told Reuters. The tender has a multi-billion price tag and there are an additional 12 optional tenders that EGAS may decide not to award.
At a meeting with energy suppliers this month Egypt discussed extending payment deadlines to as much as 120 and 180 days after delivery to give itself more breathing room, the Reuters sources said. Despite the terms, some suppliers will still participate as the LNG demand worldwide is weak.
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