Egypt receives 2nd floating regasification unit for boosting summer supplies

The vessel, named Energos Power and leased from US energy firm New Fortress, arrived from Germany with a storage capacity of 174,000 cubic metres of liquefied natural gas (LNG), the Ministry of Petroleum and Mineral Resources said in a statement.

It will transform imported LNG into a gaseous form for distribution through Egypt’s national grid.

Minister of Petroleum and Mineral Resources Karim Badawi said the move is part of the country’s plan to secure natural gas supplies for power plants and maintain electricity grid stability during the summer.

Minister Badawi said the deal followed negotiations with Germany to lease the FSRU for operations in Egypt.

He added that the state-owned Egyptian Natural Gas Holding Company (EGAS) has also signed contracts to charter two more vessels, bringing Egypt’s total FSRUs to four.

"This expansion aims to enhance the efficiency and flexibility of the natural gas supply system to the local market and its ability to meet growing demand, especially during the summer months," he clarified.

Egypt had faced repeated power shortages during past summers, prompting rolling blackouts.

In June, Prime Minister Mostafa Madbouly said the government would spend $1.18 billion on gas imports to cover summer shortfalls.