Saudi Aramco, ADNOC, Qatargas and Algeria’s Sonatrach have submitted offers to export liquefied natural gas (LNG) to Egypt, according to a media report.

State-owned Egyptian Natural Gas Holding Company (EGAS) is currently reviewing the technical and financial aspects, Ashraq Business reported, citing an unnamed government official.

EGAS has sought a credit for 25 percent of the shipment’s value before arrival at Ain Sokhna Port, with the remaining value of each LNG shipment exported to be paid one year after its arrival to the national natural gas grid, the report said.

Egypt plans to import between 155 and 160 shipments of LNG this year.

The country’s daily natural gas needs have reached 6.2 billion cubic feet, while daily production fell to 4.1 billion cubic feet. This summer, demand is expected to rise to 7 billion cubic feet per day, the report said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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