Sunday, 6th March 2016
A source from the petroleum sector said on condition of anonymity that the Egyptian government is currently in negotiations with Russia to open new international bids for shipments of liquefied natural gas, Egypt Oil & Gas reported. The move aims to solve the energy crisis in Egypt by 2019 and secure the needs of electric power generation stations in the country.
In an exclusive statement to Egypt Oil & Gas, the source stated that the current negotiations aim to eliminate power cuts next summer and to help meet the market’s needs before the end of the current fiscal year.
Previously, Egypt had signed a deal with Russia to supply seven shipments of liquefied natural gas annually for a period of five consecutive years.