Egypt to Get 35 LNG Shipments from Gazprom

Egypt is likely to buy 35 shipments of liquefied natural gas (LNG) over the next five years from Russia’s Gazprom.

This information was provided by country’s Petroleum Minister Sherif Ismail who further said that that an initial agreement has been made with the Russian company, reported Daily News Egypt newspaper.

The two parties are set to formally close the deal later this month which would allow Gazprom to ship seven shipments of LNG annually from 2015-2020, the newspaper added.

Ismail told Daily News Egypt that Russian and Algerian LNG shipments would be procured at global prices, determined at the time of supply.

He also added that a delegation from Algeria’s Sonatrach will arrive in Cairo at the end of January to continue negotiations over shipments which will be supplied from 2016-2020.

Last month, Algeria and Egypt signed a previously announced natural gas deal. As per the deal Algeria will supply 850,000 cubic meters of LNG in six shipments to Egypt during 2015.

Ismail said that he hopes all procedures for the import to be completed by the end of January, including awarding the tender and forming an agreement with the companies.