OR Egypt agreed to buy loads of liquefied natural gas (LNG) from Saudi Aramco, Trafigura Group, Vitol Group and other companies, putting the country on a long -term importer as local production slows down.
Egyptian Natural Gas also made agreements with Hartree Partners LP, BGN and Shell, according to sources who asked not to be named Bloomberg. The move to secure loads aims to reduce Egypt’s dependence on the volatile spot markets, but it is also an example of a sharp turn in a country that until just one year exported LNG.
The decrease in gas production from local deposits at a time when the growing population and rise in temperature increase demand, have made Egypt significant importer and have contributed to the strengthening of global markets.
This move comes as the North African nation is trying to restart its economy after leaving a currency crisis, and the shift to medium -term LNG agreements leaves it less exposed to the volatility of the LNG spot.
However, the highest gas demands mean that Egypt’s energy account is likely to increase to about $ 3 billion a month during the summer since July, compared to about $ 2 billion last year, a person who knows the issue said last month.
Bloomberg has previously said that Egypt could buy more than 160 missions for the period by June 2026.