Egypt has received a second floating storage and regasification unit (FSRU), the Energos Power FSRU owned by Energos Infrastructure (managed by Apollo Funds), at the Alexandria port, as part of a strategic plan to ensure the stability of power generation during the hot summer months.
In May 2024, EGAS signed an agreement with Höegh LNG for the deployment in Egypt of a 4 bcm/year FSRU to be moored in Egypt between June 2024 and February 2026: the Hoegh Galleon FSRU was deployed in July 2024 on an interim charter from Australian Industrial Energy (AIE) and Höegh Evi. It will be replaced by the Hoegh Gandria. In addition, in December 2024, Egypt’s state-owned gas group Egyptian Natural Gas Holding Company (EGAS) signed a regasification service agreement with the US energy company New Fortress Energy (NFE) to lease a second FSRU. The up to 750 mcf/d (7.7 bcm/year) Energos Eskimo will be moored at the Sumed Port in Ain Sokhna, will have a storage capacity of 160,000 cm of LNG, and will begin in the second half of 2025. A fourth FSRU is expected to arrive soon to help improve gas supply.
In 2024, natural gas accounted for 47% of Egypt's primary energy consumption and for 81% of its power mix. The same year, Egypt imported 13 bcm of gas (including 4.4 bcm of LNG)
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