Citadel Capital, Qatari Investors Form JV to Import LNG into Egypt

Citadel Capital, a private equity firm in the Middle East and Africa, has signed an agreement with a group of Qatari investors, arranged by QInvest, to form a joint venture to construct and own a Floating LNG storage and regasification unit (FSRU) at a location in Egypt.

The joint venture will import LNG, regasify it at the FSRU, transmit it through the Egyptian national natural gas grid and market the natural gas to local high-volume end-users. Citadel Capital in a statement said that the JV plans to enter into the Egyptian market pursuant to the licensing process for import of natural gas recently announced by the Egyptian Natural Gas Holding Company (EGAS).

The Qatari investment group will hold a 51% interest in the planned joint venture, with Citadel Capital holding the balance. The planned location of the FSRU facility and the expected investment cost of the project has not been announced.