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|Qatargas to Donate 5 LNG cargoes to Egypt|
|=Give support to cover a shortage in gas supply during summer under instruction by the prime minister|
Qatargas Operating Company Limited (Qatargas) will donate five LNG cargoes to Egypt. Under the instruction given by Sheikh Tamim bin Hamad Al Thani, the prime minister of Qatar, the company will give support to cover a shortage in gas supply in Egypt during summer. The LNG cargoes will be delivered starting from the end of next July to the middle of September 2013.|
According to local newspapers, Qatar and Egypt mutually agreed on the supply of LNG and are expected to finalize the deal soon. As Egypt lacks the import infrastructure to accept shipments, Qatar will not actually deliver the cargoes to Egypt and instead, will replace exports from Egypt with its own gas. Thus, Qatar will grant Egypt five LNG cargoes by directly exporting the cargoes to Egypt's customers in the foreign country in so-called "Swap Deal"
Egypt is a LNG exporting country, while it is running short of natural gas for power generation due to a decrease in the domestic production.
Last November, Citadel Capital SAE, which is an Egypt-based company, engaged in the private equity activities, Qatari QInvestment bank QInvest and other Qatari investors agreed to form a joint venture to construct and own a floating storage regasification unit (FSRU) in Egypt
|last modified : Mon 17 Jun, 2013 [13:36]|