Egypt inks US$1 bn LNG import deal with Oman, France and Russia

Egypt has signed an agreement with Russian, French, Omani companies on liquefied natural gas (LNG) imports, the Egyptian minister announced as reported by local media.

The Egyptian Natural Gas Holding Company (EGAS) entered into agreements with Russia’s Rosneft, France’s Engie and Oman’s OTI Company, Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla announced.

The deal stipulates the import of 45 shipments of LNG by March, up to 5.5 million cubic feet each, while Egypt will have a grace period of six months to pay for the shipments, a local newspaper reported.

In December 2016, Rosneft CEO Igor Sechin said during his visit to Egypt that Rosneft and EGAS were interested in extending cooperation in LNG supplies.