Norway’s Hoegh LNG Sees Egypt Regasification Start up in Q1

Norwegian liquefied natural gas shipper Hoegh LNG finalised a five-year contract with Egypt’s EGAS to supply a regasification unit by the end of the first quarter in 2015, it said on Monday.

The firm was initially looking to start up operations by the third quarter of 2014 but the project was delayed earlier this year.

The contract is expected to generate earnings before interest, taxes, depreciation and amortisation of around $40 million a year, the firm said.

The firm announced its letter of intent with EGAS in May.

Source: Reuters