Hoegh Gallant floating storage regasification unit (FSRU) left the Egyptian coast heading to the US Sabine Pass production facility, Reuters reported.
The company agreed with Egypt on an early termination of the rent contract. Egypt was using the Hoegh Gallant as a FSRU, while the new renter will be using it as a regular liquefied natural gas (LNG) carrier.
In order to charter the unit as an LNG carrier to a third party, Hoegh LNG and the Egyptian Natural Gas Holding Company (EGAS) have agreed that EGAS will compensate for the rate difference between the original FSRU contract and the new LNG carrier time charter, as Hoegh LNG stated in a press release.
Egypt was previously using two FSRUs. However, following the country’s plan to halt LNG imports, the Ministry of Petroleum announced that only one FSRU would remain in Egypt, which would be used as part of the ministry’s strategy to secure energy supplies.