State-owned Egyptian Natural Gas Holding Co. (EGAS) has contracted a second floating storage and regasification unit (FSRU) from New Fortress Energy Inc. (NFE).
FSRU Energos Winter, which has a capacity of 138,250 cubic meters (4.88 million cubic feet), will operate at EGAS’ liquefied natural gas (LNG) import terminal in Damietta for five years, New York City-based energy infrastructure company NFE said in a press release.
Energos Winter will join Energos Eskimo in Egypt as early as August, NFE said.
“EGAS is pleased to strengthen its long-standing partnership with New Fortress Energy through the execution of a second Regasification Service Agreement. Under this agreement, NFE’s second FSRU, Energos Winter, will provide regasification services at the Damietta terminal, contributing to the security of natural gas supply for the Arab Republic of Egypt over the next five years”, commented EGAS executive managing director Yasseen Mohamed.
The 10-year charter for the earlier FSRU, which has a capacity of 160,000 cubic meters, was signed late last year. It was to be deployed at EGAS’ LNG import terminal in Ain Sokhna starting in the 2025 summer.
On Tuesday, Bloomberg reported, citing unnamed sources, that the North African country was delaying some LNG deliveries as new import facilities have yet to become operational.
According to people familiar with the matter, a small number of cargoes due in July were being rescheduled for August, Bloomberg said.
“[I]mports so far remain in line with recent months’ levels despite peak summer demand in the nation”, Bloomberg wrote. “Supplies have been coming in through the country’s only operational floating import terminal, the Hoegh Galleon vessel, ship-tracking data compiled by Bloomberg show”.
Rigzone emailed comment requests to Egypt’s Ministry of Petroleum and Mineral Resources and Ministry of Electricity and Renewable Energy.
According to the Bloomberg report, Egypt has also leased FSRU Energos Power.
While NFE early last year divested its 20 percent stake in Energos Infrastructure, which owns and operates the three FSRUs and 10 other LNG delivery, storage and regasification vessels, it has eked out an arrangement allowing it to maintain a partnership with Energos.
“NFE currently charters six vessels from Energos and will maintain an active relationship with Energos to support NFE’s global operations through vessel charters for a period up to 20 years”, NFE said in a statement February 15, 2024, announcing the sale to Apollo, with which it formed Energos in 2022.
“These charters have either commenced or will commence upon expiration of each vessel’s existing third-party charter agreement”.
To contact the author, email jov.onsat@rigzone.com
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