Egypt to lease LNG storage tanker

The Egyptian Ministry of Petroleum has decided to rent a liquefied gas carrier to store a shipment of gas near the Sinai Suez area, with the aim of ensuring the local market’s natural gas needs and managing any delays in shipment arrivals. A liquefied gas shipment was imported through the Damietta station in July 2024 to alleviate energy shortages during the summer season, as the ministry had started importing gas in April 2024 to meet the increasing demand from the electricity and industrial sectors. Egypt controls two gas liquefaction plants, one in Edco and the other in Damietta, with the annual cost of gas imports and expansion projects estimated at around $10 billion. It is also expected to import approximately 9.9 million tons of liquefied gas in 2026, equivalent to roughly 130 shipments. The goal of these measures is to ensure the continuous supply of gas and alleviate economic burdens as part of efforts to strengthen national energy security.

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