Egypt Cabinet ratifies Rosneft’s LNG supply deal

The Egyptian Cabinet endorsed Thursday an agreement signed with the Russian state-owned oil company Rosneft to supply the North African country with liquefied natural gas (LNG).

During a visit by President Abdel Fattah al-Sisi’s visit to Russia last August, Rosneft Trading SA, a company of Rosneft Group, and the state-run Egyptian Natural Gas Holding Company (EGAS) signed a Master LNG Supply and Purchase Agreement.

The two companies previously signed a Term Sheet in July this year regarding potential supplies of oil products and liquefied petroleum gas.

At the time, EGAS announced that Rosneft would supply Egypt with 24 shipments of LNG over a two-year period beginning October 2015.

Rosneft has also been an accredited supplier to Egypt’s state-owned General Petroleum Corporation since early 2015. According to the company, as of July it had won bids to supply the General Petroleum Corporation with US$150 million in oil products and liquefied petroleum gas during April, May and June of 2015.