Egypt is currently in discussions with U.S.-based Excelerate Energy regarding the acquisition of a floating storage and regasification unit (FSRU) to support stable natural gas supplies for its domestic market, according to a statement from the petroleum ministry on Thursday.
Steven Kobos, CEO of Excelerate Energy, affirmed the company’s readiness to provide the necessary FSRUs to Egypt. Excelerate Energy specializes in LNG infrastructure and operates a fleet of 11 FSRUs.
Egypt already possesses an LNG import terminal at Ain Sokhna and has secured a second vessel set to commence operations by mid-2025. As the nation grapples with a chronic gas shortage and anticipates higher electricity demand during summer, additional gas facilities are being considered.
Kobos also emphasized the potential for further collaboration in LNG trading and projects, bolstered by significant confirmed reserves and new discoveries in the Eastern Mediterranean. Last month, Egypt and Cyprus signed agreements to facilitate gas exports from Cyprus’s offshore fields via Egypt, reinforcing the Eastern Mediterranean’s role as a strategic energy hub.
Source: Reuters
