EGAS in talks to rent gasification ship to meet domestic need for electricity

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The Egyptian Natural Gas Holding Company (EGAS) is currently in negotiation to rent a gasification ship, which converts liquefied natural gas (LNG) into synthetic gas, two government sources told Asharq Business.

EGAS seeks to sign a renewable five-year contract to rent a gasification ship as a harbor for imported LNG shipments, one source highlighted.

The other source said that Egypt would start importing LNG via an existing floating facility in Aqaba city, Jordan, of which tenancy will terminate by end-2025.

The sources pointed out that the country aims to increase natural gas supplies within the second half (H2) of the current year to meet the domestic need for electricity in summer.

It is worth noting that the Ministry of Petroleum and Mineral Resources is currently supplying power plants with up to 16,000 tons of fuel oil daily and from 85 to 88 million cubic meters of natural gas daily, one source noted.