Russia’s Rosneft inks deal to supply 10 LNG cargoes to Egypt in 2017

A trading unit of top Russia’s oil producer Rosneft has signed a deal to supply 10 liquefied natural gas (LNG) cargoes to the state-run Egyptian Natural Gas Holding Company this year.

The first delivery by Rosneft Trading SA (RTSA) is expected in May, Rosneft said.

“This agreement will help to further strengthen the strategic partnership between Rosneft and Egypt in an important area of energy security,” the company said.

RTSA delivered three LNG cargoes to Egypt in 2016.

Once an energy exporter, Egypt has become a net importer because of declining oil and gas production and increasing consumption.

It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

Rosneft does not produce its own LNG yet but plans to launch production jointly with ExxonMobil later this decade.

The company declined to comment on the sourcing of the LNG cargoes for Egypt.

Source: Reuters