(MENAFN) Egypt said that it is planning to launch a project for a second liquefied natural gas (LNG) import terminal to help the country deal with its energy shortage issues, Gulf Daily News reported.
The country, which is the Arab's world most populated with 86 million people living it, have been struggling with the increasing demand and the high consumption of energy resources, resulting in blackouts to happen across the country and for the government to attempt to find solutions to deal with this issue.
Despite Egypt having the ability to export LNG, but it cannot import it without installing regasification and storage terminals, which the country is trying to solve after it has finalized a long-delayed deal last month with Norway's Hoegh LNG for a floating storage and regasification unit that will allow it to begin LNG imports.
In addition to this, the oil ministry has announced plans to import six LNG cargoes from Algeria between April and September next year, as well as its intention to repay the foreign energy firm it owes money in a bid to re attract them to invest in the country's energy sector, despite still owing USD4.9 billion to companies including BP, BG, Eni and Dana Gas.
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