Egypt signs a 5-yr lease agreement for 2nd floating LNG terminal
Minister of Petroleum Sherif Ismail - YOUM7 (Archive)

CAIRO: Egypt has signed the five-year lease agreement for its second Floating Storage Regasification Unit (FSRU,) Youm7 reported Tuesday.

Attended by Minister of Petroleum Sherif Ismail, the agreement was signed between the Egyptian Natural Gas Holding Company (EGAS) Chairman Khaled Abdel Badie and the Norway-based BW Gas CEO Carsten Mortensen Monday.

“The second FSRU is to arrive in Ain Sokhna Port by the end of September and is set to pump the gas onto the national grid by October, to answer the increasing need of energy” Ismail said in press statements after the signing ceremony.

The floating regasification and import terminal is to supply the national grid with around 750 million cubic feet of gas daily, according to Reuters last week.

The FSRU will receive 42 shipments of LNG yearly, each of about 140,000 to 170,000 cubic meters of gas; a petroleum ministry official was quoted by Daily News Egypt in July.

The first FSRU was from the Norwegian Hoegh and it arrived in Egypt in April.

EGAS is to receive 45 LNG shipments in the period between October 2015 to December 2016, to be converted on the second FSRU, Reuters reported July 18.

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