Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) plans to increase LNG imports to meet growing energy demand in the country. The company aims to increase imports by at least one shipment per month until August 2024.
To meet this demand, EGAS has chartered a floating storage and regasification unit from global shipping company Höegh to bolster its import capabilities. This comes as EGAS begins to initiate the procurement of gas from international markets, with up to five cargoes required to satisfy the season’s energy needs.
Egypt’s LNG strategy comes as the country continues to ration electricity as a result of insufficient natural gas supply in the local market. Egypt also paused gas exports from its Idku and Damietta LNG plants in 2023, as domestic demand surpassed supply.