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Friday, May 16, 2014
Russia is offering power starved Egypt natural gas at favorable terms. Egypt has received a favorable rate for 1.0 million BTUs of gas from Gazprom, which will be sent in seven shipments, according to an official from Egypt’s EGAS.
Gazprom and EGAS reached an agreement to continue supplying Russian LNG to Egypt during 2015. The agreement allows for grace periods to repay the debt.
The Ministry of Petroleum will negotiate with Gazprom in order to ensure continuous gas supplies to Egypt at a rate that is lower than market prices after 2015, according to the official.
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