Russia’s Rosneft delivers first LNG shipment to Egypt

The Russian state-owned oil company Rosneft said on Friday it delivered its first Liquefied Natural Gas (LNG) shipment in line with a contract signed with Egyptian Natural Gas Holding Company (EGAS) in 2015.

Egypt’s petroleum ministry signed last August two agreements with Rosneft to provide Egypt with 24 LNG shipments over the next two years.

Rosneft said in a statement that the cargo delivery arrived in the Ain Sukhna port in the context of the Master LNG Supply and Purchase Agreement signed in August 2015 with EGAS.

Egypt relies heavily on natural gas to operate  power plants used in homes and factories.

Last July, Rosneft and EGAS signed a Term Sheet for Rosneft’s future supplies of LNG to EGAS.

The Russian company said then that the implementation of the terms will allow Rosneft “to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies.”

It also said that cooperation with EGAS will allow Rosneft to strengthen its position in the global LNG trading market.

Source: Aswat Masriya