December 10, 2024 [EGAS]- As part of the Egyptian Natural Gas Holding Company’s (EGAS) strategy to secure natural gas supplies and support various economic sectors in Egypt while ensuring the sustainability of local market needs, EGAS signed an agreement today, Thursday, December 5th, with the U.S.-based company New Fortress Energy to lease a second Floating Storage and Regasification Unit (FSRU). The unit will receive, store, regasify, and deliver liquefied natural gas (LNG) to the national gas grid.
The agreement was signed by Eng. Yassin Mohamed, EGAS Executive Managing Director, and Mr. Christopher Giuna, Aauthorized Signatory
The signing ceremony was attended by Asad Imran Senior Vice President, Chartering and Commercial Shipping, Eng. Osama El-Salmonoid, EGAS Vice President for Operations and Networks; Mr. Ashraf Habib, Vice President for Internal Trade and Economic Affairs and Supervisor of Foreign Trade and Financial Affairs; Mr. Hany Allam; and Mr. Mohamed El-Tarras, Assistant Chairman for Contracts.
This agreement reflects the Ministry of Petroleum and Mineral Resources’ commitment to meeting the growing domestic demand for natural gas, especially during peak summer periods, and aligns with directives to ensure stable electricity supplies from natural gas.
Moreover, the second FSRU is equipped with cutting-edge technology, boasting a storage capacity of 160,000 cubic meters of LNG and a regasification capacity of up to 750 million cubic feet per day. The unit will be stationed at the SUMED in Ain Sokhna, with operations expected to commence in the second half of 2025. This project will bolster Egypt’s natural gas infrastructure and contribute to the stability and sustainability of gas supplies.
It is worth mentioning that New Fortress Energy, a leading U.S.-based company, specializes in innovative and efficient energy solutions, focusing on LNG technologies and sustainable energy development. The company is renowned for providing reliable and cost-effective energy solutions, making it a strategic partner in Egypt’s energy sector.
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