Egypt has fully awarded a tender to buy 20 cargoes of liquefied natural gas (LNG) to cover winter demand, trade sources told Reuters on Friday.
The tender was awarded at a premium of $1.70 to $1.90 over the benchmark gas price on the Dutch gas futures trading platform TTF.
Among the companies that won the tender, which was launched by the Egyptian General Petroleum Corporation last week and closed on September 12, were TotalEnergies, Shell, BP, and commodities trading company Glencore.
Egypt has once again become a net importer of natural gas this year, buying more than 30 cargoes to cover summer demand, after being an exporter in recent years as part of plans to become a reliable supplier to Europe.
Egypt’s domestic gas production fell in May to its lowest level in six years, down about 25% from its peak in 2021, and is expected to fall by 22.5% by the end of 2028.
Energy consumption in Egypt is also expected to jump by 39% over the next decade.
