Russia, Egypt sign LNG Supply Deal – Egyptian Minister

Russian energy giant Gazprom and Egypt’s national gas company have signed a deal on the supply of liquefied natural gas (LNG) to Egypt, according to Egypt’s industry, trade and investment minister.

Egypt’s national gas company and Russian energy giant Gazprom have signed a deal on the supply of liquefied natural gas (LNG) to Egypt, the country’s trade, industry and investment minister told RIA Novosti on Monday.

“The agreement was signed on Saturday between the Egyptian [state] gas company and Gazprom on the supply of LNG shipments annually for five years,” Mounir Fakhry Abdel Nour said.

In December 2014, Egypt reached a deal on LNG imports from Algeria.

Egypt, which relies heavily on foreign gas, has experienced difficulties in securing imports, as it currently lacks an LNG processing plant. A floating storage and regasification unit, delivered by Norway’s Hoegh LNG, is set to start operating in the country in March.

Egypt would welcome credit from Russia, but has not asked for it and will not pressure Moscow to provide it, Egypt’s industry, trade and investment minister told RIA Novosti.

“We are currently undergoing a stage of great development, we have big projects, and we want to complete them as soon as possible. We welcome any credit that Russia could provide. But we will not pressure the Russian side, as the economic conditions in Russia are very difficult. We have not asked for credit,” Mounir Fakhry Abdel Nour said.

Russian President Vladimir Putin is visiting Egypt on February 9-10 to discuss the situation in the Middle East and Northern Africa with his Egyptian counterpart.

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