Sunday 22 Dec
The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with New Fortress Energy to lease a Floating Storage and Regasification Unit (FSRU). This strategic move aligns with the Ministry of Petroleum and Mineral Resources' commitment to securing reliable natural gas supplies for the Egyptian economy.
The FSRU will play a crucial role in enhancing Egypt's energy infrastructure by receiving, storing, and regasifying liquefied natural gas (LNG). The regasified LNG will then be integrated into the national natural gas network to meet the growing demand across various sectors.
The agreement was signed by Engineer
Yassin Mohamed, EGAS's Executive Managing Director, and Christopher Jinta, the
authorized signatory from New Fortress Energy. The signing ceremony was also
attended by key officials from both companies.
This initiative addresses the increasing demand for natural gas, particularly during peak summer consumption periods, and supports the government's efforts to ensure stable electricity supplies. Furthermore, it complements the collaborative efforts between the Ministries of Petroleum and Electricity and Renewable Energy to optimize the nation's energy mix, increasing the contribution of renewable energy sources and fostering energy balance.
The state-of-the-art FSRU boasts
a storage capacity of 160,000 cubic meters of LNG and a regasification capacity
of up to 750 million cubic feet per day. The unit is expected to commence
operations in the second half of 2025 at the Suez Canal Authority's port in Ain
Sokhna.
New Fortress Energy, a global leader in innovative and efficient energy solutions, specializes in liquefied natural gas and sustainable energy technologies. The company's commitment to delivering reliable services at competitive costs makes it a valuable strategic partner for Egypt's energy sector.
