Minister of Petroleum and Mineral Resources Karim Badawi, accompanied by the Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS) Yassin Mohamed, visited the German city of Berlin to negotiate the contractual terms for renting the floating storage and regasification unit  (FSRU), Energos Power.

The visit came as part of the Ministry of Petroleum and Mineral Resources’ strategy to secure natural gas supplies to meet the needs of the electricity sector and the local market, and in continuation of discussions with the German Ministry of Economic Affairs and Climate Action to harness Germany’s surplus potential for change.

Badawi was received by Director General for Climate Diplomacy and Geoeconomics at the German Federal Foreign Office, and senior ministry officials in which they begun negotiations and technical discussions related to the leasing of the FSRU at the end of February 2015, during meetings held in Cairo between EGAS officials and the CEO of Gasfin Development, representing the company and authorized by the German Minister of Economics, Energy, and Climate Affairs, to negotiate the leasing of the Energos Power FSRU, owned by the American company Newforest, currently located in the port of Mukran on the Baltic Sea in Germany. 

This negotiation followed the decision of the German Minister of Economics, Energy, and Climate Affairs to terminate its lease and offered the unit for rent to a third party. 

It is worth noting that the contract comes within the framework of implementing the provisions of the two declarations of intent signed in November 2022 between the Egyptian Ministry of Petroleum and Mineral Resources  (MoPMR), the Ministry of Electricity and Renewable Energy and the German Ministry of Economic Affairs and Climate Action regarding cooperation in the fields of liquefied natural gas (LNG) and green hydrogen.