The Ministry of Petroleum pays around $18 million per year to Norwegian-Singaporean BW Gas Solutions Company for renting the floating storage regasification unit (FSRU) located in Egypt’s Arab Petroleum Pipelines Company (SUMED)’s port in Ain Sokhna, a source at the Egyptian Natural Gas Holding Company (EGAS) told Al Borsa.
The FSRU, which is not working at the moment, has a liquefied natural gas (LNG) cargo ready to be pumped into the national gas grid when necessary, as a backup to securing the local market’s demands, the source stated.
BW Gas’ FSRU’s contract was not terminated in order to be used in case of emergencies, allowing maneuvering in supplying gas and securing any amounts needed in the market.
