• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 6 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 19 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
The Race for The Holy Grail of EV Batteries Heats Up

The Race for The Holy Grail of EV Batteries Heats Up

Solid-state batteries enable faster charging…

Technological Breakthroughs Fuel Bright Future for Tidal Power

Technological Breakthroughs Fuel Bright Future for Tidal Power

Tidal energy represents a significant…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Egypt Makes Its LNG Importer Picks For Remainder Of 2016

Egypt has chosen three firms to supply liquefied natural gas to its markets for the remainder of 2016, closing a tender it had issued two weeks ago, according to a recent report by Reuters.

Glencore, an Anglo-Swiss commodities trading house, will supply cargo for October; Dutch Trafigura will deliver a shipment for November; and U.K.-based B.B. Energy – a relatively new player in the LNG trade – will arrange the December order.

Trafigura is the third-largest oil and metals trader in the world, after Geneva-based Vitol and Glencore.

The government-run Egyptian Holding Company for Natural Gas (EGAS) announced yesterday that it had bought 89 LNG shipments during the 2015-2016 fiscal year to fill the gap between energy supply and demand. The cost of the imports totaled $2.2 billion.

Egypt requires 5.6 billion cubic feet of natural gas a day to meet consumer demands, according to the Ministry of Petroleum.

A total of 14 new natural gas discoveries – holding 31.5 trillion cubic feet of the fossil fuel – were made in Egypt during the past fiscal year, according to EGAS.

Cairo has mandated that new Egyptian output from the fresh fields be made available to Egyptians before it is exported. The country aims to increase its natural gas production by 30 percent by 2019.

Some of the major foreign players in Egypt’s oil and gas business include BP, Italy’s Eni, and Apache Corporation.

In related news, Egyptian authorities said this week that they intend to start their initial public offerings (IPOs) program with state-held oil companies, in a plan to raise US$10 billion from listings in three to five years.

Part of the proceeds that Egypt will reap will be used to narrow its budget deficit, one of the largest in the Middle East.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News