On 6th Dec.2024, as part of the Ministry of Petroleum and Mineral Resources' strategy to secure natural gas supplies, support Egypt's economic sector and meet the sustainability of local market needs, Egyptian Natural Gas Holding Company (EGAS) signed an agreement with the U.S.-based company New Fortress Energy to lease the second Floating Storage and Regasification Unit for the local market. The unit will receive, store, regasify, and deliver liquefied natural gas (LNG) to the national gas grid.
The agreement was signed by Eng. Yasseen Mohamed, CEO of EGAS, and Mr. Christopher Giuna, Aauthorized Signatory.
The signing ceremony was attended by Asad Imran Senior Vice President, Chartering and Commercial Shipping, Eng. Osama El-Salmonoid, EGAS Vice President for Operations and Networks; Mr. Ashraf Habib, Vice President and Supervisor of Foreign Trade Affairs; Mr. Hany Allam; and Mr. Mohamed El-Tarras, Assistant Chairman for Contracts.
This agreement reflects the Ministry of Petroleum and Mineral Resources' commitment to meeting the growing domestic demand for natural gas, especially during peak summer periods, and aligns with directives to ensure stable electricity supplies from natural gas.
This agreement is also in line with the collaborative efforts to set Egypt's robust energy mix, and increase renewables share with the Ministry of Electricity.
Moreover, the second FSRU is equipped with cutting-edge technology, boasting a storage capacity of 160,000 cubic meters of LNG and a regasification capacity of up to 750 million cubic feet per day.
The unit will be stationed at the SUMED in Ain Sokhna, with operations expected to commence in the second half of 2025. This project aims at bolstering Egypt's natural gas infrastructure and contribute to the stability and sustainability of gas supplies.
It is worth mentioning that New Fortress Energy, a leading U.S.-based company, specializes in innovative and efficient energy solutions, focusing on LNG technologies and sustainable energy development. The company is renowned for providing reliable and cost-effective energy solutions, making it a strategic partner in Egypt's energy sector.
The CEO of EGAS during the of signing the Regasification Service Agreement with New Fortress Energy -2
