The Egyptian state-run corporation for natural gas—EGAS—plans to finalize the winning bidders for a tender of 45 LNG shipments, Reuters reported.
There are reportedly seven companies shortlisted for the tender. They include Trafigura, Vitol, Noble Group, EDF Trading, Gas Natural, PetroChina, and Shell.
“The award has basically been made and the relevant companies were contacted this week,” an anonymous source said, adding that details have yet to be ironed out.
The shipments are expected to be processed through the BW Singapore, the second FSRU to arrive in Ain Sohkna, from October to December of next year.
While nearly 75% of the world’s LNG demand comes from Asian consumers, Egypt has emerged as an important contract as its government has recently offered very attractive contract terms.
Egypt is struggling to fill a large gap between supply and demand for natural gas. Much of the nation’s industry relies on the fuel, as does the majority of the electricity generated.