The tender held by Egyptian Natural Gas Holding Company (EGAS) to hire a third floating and storage regasification unit (FSRU) as attracted four international bidders, namely Hoëgh LNG, Excelerate Energy, BW Gas and an unnamed bidder.
The FSRU will have a regasification capacity of 750 mcf/d (7.8 bcm/y). It is expected to increase Egypt's importing capacity. Once an LNG exporter, Egypt has turned into a net importer in 2015 with a negative trade balance of 3.4 bcm (source: Enerdata, Global Energy and CO2 Data). The country is facing a declining gas production (-5%/year between 2008 and 2015) and a soaring gas demand (+6.3%/year over the same period).
The first 5.7 bcm/year floating storage and reclassification unit (FSRU) was delivered by Hoëgh LNG in Ain Sokhna in April 2015 and the second 7.7 bcm/year FSRU (by BW Gas), in Ain Sokhna too, was delivered in September 2015.