Rosneft to Provide 10 LNG Cargoes to Egypt

Rosneft to Provide 10 LNG Cargoes to Egypt

A trading unit of Russia’s largest oil producer Rosneft Trading SA (RTSA) has signed a deal to supply 10 liquefied natural gas (LNG) cargoes to the Egyptian Natural Gas Holding Company (EGAS) in 2017.

The first delivery by RTSA is expected in May, Reuters informed.

“This agreement will help to further strengthen the strategic partnership between RTSA and Egypt in an important area of energy security,” Zawya reported, citing the company’s announcement.

Once an energy exporter, Egypt has become a net importer because of declining oil and gas production and increasing consumption. The country has been trying to speed up output at recent discoveries to fill its energy gap as soon as possible.

Rosneft does not produce its own LNG, but plans to launch production jointly with ExxonMobil later this decade. In addition, the company declined to comment on the sourcing of the LNG cargoes for Egypt.

It is worth noting that, Rosneft is an integrated oil company majority owned by the Government of Russia.

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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