The Norwegian company Höegh Evi has signed a 10-year time charter agreement with the Egyptian Natural Gas Holding Company (EGAS) for the deployment of a floating storage and regasification unit (FSRU) in Egypt. The FSRU Hoegh Gandria, which will have a regasification capacity of 1 bcf/d (10.3 bcm/year) is scheduled to be deployed in the Port of Sumed in the fourth quarter of 2026.
The Hoegh Gandria, which was originally purchased in 2023 as a LNG carrier, will be converted to an FSRU and replace the interim Hoegh Galleon vessel, which arrived in Egypt in July 2024. Hoegh Galleon will remain in Egypt for up to an additional year before deployment to the LNG terminal in Port Kembla (Australia) in 2027.
In 2024, natural gas accounted for 47% of Egypt's primary energy consumption and for 81% of its power mix. In the same year, Egypt exported 1.1 bcm of gas and imported 13 bcm (gas imports have surged since 2010, doubling in 2024, while exports have collapsed since 9.9 bcm in 2022).
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