The Egyptian Natural Gas Holding Company (EGAS) signed an agreement  with the US-based company New Fortress Energy to lease the second Floating Storage and Regasification Unit (FSRU) for the local market.

The unit will receive, store, regasify, and deliver liquefied natural gas (LNG) to the national gas grid.

This comes as part of the Ministry of Petroleum and Mineral Resources (MoPMR) strategy to secure natural gas supplies, support Egypt’s economic sector and meet the sustainability of local market needs

The agreement was signed by Yasseen Mohamed, EGAS’ Chairman, and Christopher Giuna, authorized Signatory

This agreement comes in line with the collaborative efforts to set Egypt’s robust energy mix, and increase renewables share with the Ministry of Electricity.

Moreover, the second FSRU is equipped with cutting-edge technology, boasting a storage capacity of 160,000 cubic meters of LNG and a regasification capacity of up to 750 million cubic feet per day (mcf/d).

The unit is set to be stationed at the SUMED in Ain Sokhna, with operations expected to commence in the second half of 2025. This project aims at bolstering Egypt’s natural gas infrastructure and contribute to the stability and sustainability of gas supplies.