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Tuesday, January 26, 2016
One of BP Egypt’s LNG shipments to Egypt has been held back this month as part of a deal over the timing of deliveries.
The LNG tanker was diverted to Brazil rather than Egypt earlier this month. Word from traders is the diversion was related to payment delays at EGAS, although the state-run firm denied that rumor.
“BP has been awarded an LNG supply contract to Egypt to supply cargoes from mid 2015. Six cargoes have been successfully delivered and BP has either received payment in full or received agreed collateral from EGAS for all six cargoes,” BP Egypt told Reuters. “The seventh cargo was postponed to the third quarter of 2016 based on a mutual decision between EGAS and BP to manage supply for peak summer demand.”
BP said it remained committed to deliver LNG cargoes to EGAS “in accordance with the contractual arrangements in place.”
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