CAIRO: The state-owned Holding Company for Natural Gas (EGAS) signed Thursday a two-year deal with the Swiss-based Vitol to import nine liquefied natural gas (LNG) shipments starting June.
This comes shortly after signing a two-year deal with the Hong Kong-based Noble Group Company to import seven LNG shipments starting April.
“The deal with Vitol comes in light of the bid offered [by EGAS] for providing part of natural gas supplies needed to run power plants in preparation for the coming summer,” said EGAS chairman Khaled Abdel Badie in a ministry statement.
The chairmen of EGAS and Vitol signed the deal in the presence of Minister of Petroleum Sherif Ismail along with top ministry officials.
Egypt’s government has been working hard to tackle the worst energy crisis the country faces over the past few years. Caused by fuel shortage at power plants, and increasing demand, rolling power cuts in the summer have become a daily routine since the January 25 Revolution in 2011.
Egypt recently signed a deal with Algerian state-owned energy company Sonatrach to import six LNG shipments during 2015, said EGAS chairman. Another contract was signed with Trafigura to import 33 LNG shipments during 2015-2016, he added.