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Wednesday, February 11, 2015
An agreement between Gazprom and Egypt for the supply of LNG to the North African country is expected to be signed by the end of February. The two parties had entered into a tentative deal back in April for Gazprom to initially send Egypt seven LNG cargos.
The updated deal calls for 35 LNG cargos to be delivered over a period of five years, or seven cargos per year through 2020. Minister of Petroleum and Mineral Resources Sherif Ismail said the agreementdetails, shipment schedule, and price were still being determined by the parties.
If the deal progresses to conclusion it will be the second deal Egypt has finalized for LNG imports. The other deal was finalized in December with fellow North African nation, Algeria, and calls for the delivery of six cargos of LNG. Ismail said Sonatrach officials were due to come to Egypt this month to complete negotiations after a January visit was postponed.
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