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Egypt starts weaning itself off foreign gas as output surges

Reuters , Saturday 13 May 2017
ejypte-lng-terminal
File photo: An LNG Tanker Loading in IDKU Port, Egypt (Photo: Egyptian LNG website)

Egypt is holding talks with its liquefied natural gas (LNG) suppliers to defer contracted shipments this year and aims to cut back on purchases in 2018, as surging domestic gas production squeezes out demand for costly foreign imports.

Cairo’s desire for gas self-sufficiency by the end of 2018 bodes ill for traders having to reshuffle LNG out of the country amid concern over the impact on global gas prices if replacement markets for the world’s eighth-biggest importer of the super-cooled fuel are not found fast enough.

State-run importer EGAS aims to defer dozens of liquefied natural gas (LNG) cargoes due this year, analyst, trade and industry sources say.

http://english.ahram.org.eg/News/268669.aspx

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