The Egyptian Natural Gas Holding Company (EGAS) awarded liquefied natural gas (LNG) import contracts for 60 cargoes to Glencore, Trafigura, BB Energy, Gunvor and Vitol, thus covering EGAS’ annual LNG requirements for 2017. EGAS awarded Glencore the largest volume with around 25 LNG cargos, reported Reuters. Trafigura came in second place with about 18 cargos.

This comes as Egypt’s State Council has submitted the New Gas Law text to the House of Representatives in preparation for the review and approval of the bill, informed Al Borsa.

State-run EGAS, which issued the import tender in late October, sought 96 cargoes for delivery in 2017 and 2018 in total, with an option to buy 12 additional cargoes in 2017.

January-March 2017 cargoes have been awarded at a slope of around 15% to crude, while the remaining cargoes for 2017 delivery are likely to have been priced at a slope of 12% percent and below. The steeper premium for the January-March cargoes is estimated to be equivalent to about $7.50 per million British thermal units (mmBtu). In comparison, Asian spot LNG prices for January delivery LNG-AS are currently pegged around $7.10/mmBtu.