LNG: Egypt Seeking More Spot Cargoes After Recent Deals
Egypt seeking more spot LNG cargoes, even after recent multi-month deals with Shell and TotalEnergies, Bloomberg reports.
• Egypt signed deals for 60 cargoes of LNG to cover demand for 2025, sources told Reuters today, but may still need as many as three cargoes a month going forward.
• Additional LNG demand in Egypt will shrink available supplies in the global market, potentially clashing with European needs to refill stocks.
• Europe will need to attract 230 additional LNG cargoes this year vs last to reach storage capacity of 90%, Equinor’s CEO said yesterday.
• Despite ambitions to reinvigorate gas output, declining domestic production turned Egypt into a net importer last year, with the country setting up an FSRU at Ain Sukhna.
• An additional LNG import terminal is also under discussion in Egypt, with an FSRU owned by Turkey reportedly being considered.
• Egypt is heavily reliant on gas-fire power and demand surges in summer due to warmer temperatures.
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