Egypt has signed a 10 -year agreement with Hug Evi, Ltd. to establish a floating station for the import of LNG, indicating its long -term dependence on fuel imports.
Under the agreement between the Egyptian Holding Company for State -owned natural gases and the HoG Evi Ltd., the Hug Gandria ship will be operated in the port of Sumid, near Alexandria on the Mediterranean coast, in the last quarter of 2026, according to a statement of the HoG Evi.
The ship, which was used as a liquefied natural gas carrier, begins to convert it into a floating storage and re -“boost” unit.
The booster is to convert liquefied gas into its invading body again.
The high domestic demand, hot summer seasons, and the rapid deterioration in local production lead to Egypt’s need to buy increasing amounts of LNG, and the country has already put plans to add several fuel import units, and talks with Qatar on long -term gas supply contracts, according to a statement issued by the Egyptian Ministry today.
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Power deficit
The power deficit in the largest population in the Middle East doubled last year to $ 11.3 billion, compared to $ 4.4 billion in the previous year and a surplus of $ 4.1 billion in 2022, according to the Goldman Sachs Group. This deficiency raised the current account deficit last year to 6.2% of GDP from 3.2%.
The “Hug Gandria” ship, which supplies up to one billion standard cubic feet of gas per day, will replace the HoG Gallion, which is now considered the only LNG import station operating in Egypt.
Hug Evi, a marine energy infrastructure company, has provided Egypt with this ship for 19 to 20 months last year when the country witnessed a fundamental shift from a clear source of liquefied natural gas to a clear importer.
