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By Salma El Wardany, Anna Shiryaevskaya, and Ruth Liao
Egypt has indicated that it plans to in the coming week finalize some purchases of liquefied natural gas for delivery over the next few years, as the country deepens its dependence on imports.
The government is in the final process to strike deals with as many as six companies — including Saudi Aramco, Trafigura Group and Vitol Group — to buy cargoes through June 2026, according to people with knowledge of the matter who asked not to be identified. It could buy more than 160 shipments for that period, the people said.
There could be more deals for deliveries over the following two years, the people said. Egyptian Natural Gas Holding Co. received 14 offers for supply ranging from 18 months to three years, Bloomberg reported last month.
Egypt’s push to lock in LNG supplies is aimed at reducing its reliance on the volatile spot market and reflects a sharp reversal for a nation that was exporting gas just a year ago. Falling domestic output, rising demand from an expanding population and extreme heat have turned the nation into a major importer, tightening global supply.
Other firms Egypt is in the process of inking deals with include Hartree Partners LP and BGN, the people said. The purchases that are due to start arriving from July will come as Egypt will have three operational floating import terminals this summer, with an additional unit scheduled by the end of this year or in early 2026.
Read More: Egypt Considers Securing Another LNG Vessel as Import Needs Jump
Egypt’s oil ministry officials weren’t available for comment outside business hours during Eid holidays. Vitol and Hartree declined to comment. Aramco, Trafigura and BGN didn’t immediately comment when contacted by Bloomberg.
— With assistance from Stephen Stapczynski
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