Egypt to Import LNG Worth $3.5 bn in 2015-2016

Egypt’s LNG imports during 2015-2016 financial year will be worth around $3.5 billion, according to an energy official.

“The cost of the LNG that will be imported during 2015-2016 will be around $3.55 billion,” an EGPC official told Reuters.

Egypt has signed multiple LNG purchase deals in recent months to cater to the domestic gas demand.

Cairo has signed agreements to import 90 LNG shipments supplied by five foreign companies, 49 of which are going to be delivered in 2015 and 2016, Petroleum Ministry said last month. Egypt has signed deals to buy LNG from Gazprom, Trafigura, Vitol, Noble Group and Sonatrach.

Recently, Egypt received Hoegh Gallant floating storage and regasification unit (FSRU) from Norway's Hoegh LNG.  

The Egyptian financial year starts in July.