Russian oil giant Rosneft announced it had delivered its first liquefied natural gas (LNG) cargo to Egypt, according to Reuters.
Russia and India Report quoted Rosneft’s statement as saying that “The delivery of the cargo was made by the GOLAR ICE tanker to the Ain Sukhna port within the Master LNG Supply and Purchase Agreement signed in August 2015.” The delivered cargo of LNG is the first one in Rosneft’s operational history.
Last July, Rosneft and EGAS signed a Term Sheet for Rosneft’s future supplies of LNG to EGAS, wrote Aswat Masriya.
The cooperation with EGAS marks Rosneft Group’s entry into the global LNG trading market. Also, implementation of the provisions of the signed documents will, in the long term, open access for Rosneft to the Egyptian gas market, which has a significant growth potential.
The Russian company said then that the implementation of the terms will allow Rosneft “to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies.”
Egypt relies heavily on natural gas to operate power plants used in homes and factories.