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Gazprom team in Egypt to finalise deal on importing Russian gas
February 4, 2015, 8:23 am

Russia's Gazprom is the world's largest natural  gas exporter [PPIO]

Russia’s Gazprom is the world’s largest natural gas exporter [PPIO]

Egyptian officials are finalising a gas deal with Russian energy giant Gazprom, local media reports said on Wednesday.

Energy-starved Egypt expects to finalize agreements with four major foreign suppliers of liquefied natural gas (LNG), including Russia’s Gazprom, the Al-Yaum As-Sabia reported.

Chairman of state-run Egyptian Natural Gas Holding Company (EGAS), Khaled Abdel Badie said a delegation from the Russian energy giant arrived in Cairo on Tuesday to complete negotiations on gas deliveries from Russia.

“Intensive meetings with the Russian delegation are underway where the sides discuss the number of shipments on which a contract could be signed, as well as the date of their delivery, prices and a range of technical issues,” said Badie, hinting that the deal is expected this week.

Egypt has signed several deals in past months to import natural gas, which powers most of its homes and factories.

“Technical talks demand certain time to be concluded, and now the Egyptian and Russian sides seek to complete them as soon as possible,” said Badie.

In January, Egypt’s Oil Minister Sharif Ismail said Egypt had agreed with Gazprom to import 35 LNG shipments between 2015 and 2020. The annual amount could reach around 7 shipments, he said.

Egypt, which once exported gas, is going through its worst energy crisis in decades, with rising consumption and declining production turning it into an energy importer.

In October, Egypt’s authorities announced a tender to import LNG from abroad. Seven companies, including British Petroleum, Vitol, Trafigura and Golar LNG, made offers.

 

TBP and Agencies

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