(MENAFN) Egypt's Oil Ministry said that the country is finalizing the agreement with Russia's Gazprom for the company to supply it with liquefied natural gas (LNG) shipments later this month, The Peninsula Qatar reported.
The Ministry said that a visit by a delegation of Gazprom is expected, adding that if the deal is signed then, it would be the second LNG import agreement signed by Egypt after signing an agreement with Algeria for six LNG cargoes in late December and securing a deal for the necessary import infrastructure in November.
The country of 86 million relies heavily on gas to generate power for households and industry, but has had difficulty securing imports because it lacks a terminal to process LNG, a problem the country solved by contracting Norway's Hoegh LNG for a floating storage and regasification unit, thus opening the door to LNG imports, with the terminal expected to be operational by the end of March.
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