Egypt to bid for LNG cargoes up to 20 to meet Q1 2025 Demand

Three trading sources said on Monday that Egypt will issue an tender to procure up to 20 LNG cargoes to meet the demand in the first quarter 2025.

The largest Arab country, which has the most people in it, is now a net gas importer. It has bought more than 50 cargoes this year. Plans to be a reliable gas supplier to Europe have been abandoned.

Sources said that the Egyptian General Petroleum Corporation is expected to announce the tender for the purchase of between 15 and twenty cargoes LNG.

Sources said that the tender will also be on a deferred payment basis of six months, without providing any further details.

According to one source, Egypt's LNG demand is expected to be strong for the rest of next year.

All sources requested anonymity because they weren't authorised to publicly speak on the subject.

Egypt's need for imported gas stems from a shrinking domestic supply, just as analysts predict its electricity consumption will increase by 39% in the next decade.

Data from Energy Aspects revealed that domestic gas production fell to its lowest level in six years in May. It is also expected to fall by another 22,5% by 2028.

Kpler, a data analytics company, said that Egypt will install a second floating regasification system (FSRU) to help it cope with an increase in imports. (Reporting and editing by Jan Harvey; Mark Potter, Barbara Lewis, and Marwa Rashad)

(source: Reuters)