Egypt talks to Excelerate Energy about floating gas unit, says ministry

The Egyptian petroleum ministry announced on Thursday that it is in discussions with Excelerate Energy about a floating storage unit and regasification (FSRU). This will help to ensure a steady supply of natural gas for the Egyptian market.

According to a statement, Steven Kobos CEO of Excelerate Energy expressed his company's willingness to supply the FSRUs necessary to Egypt.

According to its website, Excelerate offers downstream LNG infrastructure as well as a fleet consisting of 11 FRSUs.

Egypt has already built a floating LNG terminal in Ain Sokhna, and has also contracted for a second vessel to begin operations by mid-2025.

The company has explored different options to add gas facilities in light of the chronic shortage of gas and increased demand for electricity projected for summer.

Kobos also highlighted potential for increased cooperation in LNG trading projects and initiatives, fueled by significant confirmed reserves in the Eastern Mediterranean and new discoveries.

Egypt and Cyprus signed an agreement last month that allows the export of natural gas from Cyprus offshore fields through Egypt. Both countries are seeking to strengthen the role of the Eastern Mediterranean as a hub for energy. (Reporting and editing by Aidan Lewis; Reporting by Mohamed Ezz)

(source: Reuters)