Noble Group Bags LNG Supply Slot at Egypt's Second Floating Terminal

Noble Group has been awarded “a significant number of slots” for mid-term delivery of LNG cargoes to Egypt’s second floating import terminal, which is due to start operations next month, the company announced Tuesday.

The slots were awarded by state owned Egyptian Natural Gas Holding Company (EGAS) following a competitive tendering process. Egyptian Natural Gas Holding Company (EGAS) took delivery of the second FLNG terminal provided by BW Group earlier this month. Operations are expected to start late October. 

This follows Noble’s previous success in Egypt’s first import tender early this year, and builds on Noble’s existing business in the country, the company stated. Noble commissioned the country’s first terminal in Ain Sokhna and delivered the first two LNG cargoes ever imported into the country. Further deliveries under this first import contract are scheduled in 2015 and 2016.

"Egypt is emerging as a key LNG market and we are pleased that we continue to build on our successful track record in the country," Gareth Griffiths, Global Head of Power, Gas and Carbon trading, Noble Group, said.

The North African nation has become an importer of gas due to falling domestic gas production amid rising demand. The imported gas is expected to fill the demand gap in the short term while the government works to boost production of local gas.