The Egyptian Holding Gas Company (EGAS) has signed a letter of intent (LoI) with Shell, Pyramid Navigation, Affinity Gas and Eagles Gas to explore cooperation on fueling ships with liquified natural gas (LNG) in Egypt in addition to discussing the establishment of a joint company to prepare a feasibility study for the project.
Commenting on the LoI, Minister of Petroleum and Mineral Resources Tarek El Molla affirmed that the petroleum sector has taken appreciable steps to cooperate with international companies to reduce carbon emissions.
The minister elaborated that Egypt has several resources for supplying ships with LNG as low-carbon fuel including its strategic location, the Suez Canal and the existence of LNG in Egypt. For his part, the President of LNG at Shell, Tahir Farouki, said that this cooperation is deepening the long partnership with Egypt and affirm Shell’s support to Egypt as a regional energy hub.
Additionally, the representative of Eagle Gas company stated that the company has been working in the field of shipping transportation for more than 50 years in Egypt and it has great expertise in managing marine projects.