Egypt is currently in talks with U.S. and other foreign companies to purchase long-term volumes of liquefied natural gas
LNG instead of relying on the more costly spot market, according to an exclusive Reuters report, as the country’s gas production continues to decline. 'The ministry of Petroleum is seeking three or four years of supply to hedge from sudden price increases. It is also seeking to include a flexibility clause as the government hopes it could maybe find gas sooner or doesn't need that much gas,' an industry source has told Reuters.
According to Egypt’s Petroleum Minister Tarek El Molla, Egypt’s two liquefaction plants have plenty of spare capacity with the LNG plants operating at less than full capacity, 'They are there prepared for the time when we make the decision to increase their capacity to double or triple,' he told Reuters. Unfortunately, rising domestic demand as well as infrastructure constraints limit Egypt’s ability to quickly ramp up output.
LNG Gas FLNG Tamar LNG Chevron
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
St Mirren secure long-term deal with digital ticketing firmThe Buddies believe the ongoing partnership will enhance its offering to fans.
Read more »
Newcastle United official announcement - Anthony Gordon commits long-termThe Mag
Read more »
Keith Wyness: Everton boosted as new long-term deal agreedThe inside track on the football stories that matter
Read more »
Ruben Amorim could soon unleash a new long-term Man United partnershipThe prospect of Ruben Amorim deploying a 3-4-3 system at Man United could mark the beginning of a new on-field partnership.
Read more »
Pandemic stress linked to long-term rise in alcohol consumptionAlcohol use increased during the COVID-19 pandemic and remained elevated even after the pandemic ended, according to a large nationally representative Keck Medicine of USC study published today in the Annals of Internal Medicine.
Read more »
Older people with long-term health issues could get an extra £5,644 each yearMore than 1.6 million Attendance Allowance claimants receive up to £434.20 each month.
Read more »