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What’s Next for Copper Markets?

What’s Next for Copper Markets?

Copper prices have experienced significant…

Egypt To Lease Natural Gas Terminal

State-run Egyptian Natural Gas Holding Co is planning to lease a natural gas import terminal from providers of FLNG units, anonymous sources told Reuters this week.

EGAS is hoping to find a willing participant for a five-year contract with the option of extending it, the source suggested.

So far, Egypt has already purchased one LNG shipment scheduled to deliver sometime in May, but it has plans to purchase more in an attempt to get ahead of the scorching summer season that routinely triggers power blackouts due to the heavier load.

This batch of LNG will be imported through the Aqaba terminal in Jordan after its previous agreement to lease the BW Singapore floating storage and regasification unit ended in 2023.

Egypt had largely moved away from heavy natural gas imports several years ago after its giant Zohr gas field increased its domestic production. But, Egypt’s domestic production has since declined, reaching the lowest level in years due to a natural decline in the fields.

Late last year, Chevron shut down its production from the Tamar gasfield offshore Israel per the Israeli energy ministry due to the Hamas-Israel war. It had been a major source of natural gas to Egypt through the EMG pipeline, but the production outage suspended the flow of gas to Egypt.

Some gas exports from Tamar were then rerouted through Jordan, but not enough to allow for exports from Egypt. As a result, Egypt had to supend its LNG exports that had been heading into Europe, thwarting its plans—at least temporarily—to become a regional gas hub. Last summer, Egypt didn’t export any LNG in June, July, or September due to its own high demand for power during the hot months.

Egypt was struggling with its own domestic gas production even before the Israeli/Hamas conflict.

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Egypt, Israel, and the EU signed an MOU in June of 2022 to deliver a higher gas supply to the EU—a deal that is now impossible.

By Julianne Geiger for Oilprice.com

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