The Norwegian company Höegh LNG Holdings, Australian Industrial Energy (AIE) and the Egyptian Natural Gas Holding Company (EGAS) have signed an agreement for the deployment of the Floating Storage and Regasification Unit (FSRU) “Hoegh Galleon” to support energy security in Egypt. The 170,000 m3 FSRU will be located in Ain Sokhna on the Gulf of Suez (north-eastern Egypt) for an estimated period of 19 to 20 months between June 2024 and February 2026. After that, the FSRU is expected to leave Egypt to be deployed to AIE’s LNG terminal currently under construction at Port Kembla (Australia), where it should stay for 15 years. It will be able to regasify 384 mcf/d (4 bcm/year) of LNG.
In 2022, natural gas accounted for 51% of Egypt's primary energy consumption and for 78% of the power mix. In the same year, Egypt exported 9.5 bcm of gas and imported 4.8 bcm, mainly from Israel (38%) and the United States (22%). The country was a net importer between 2015 and 2018, reaching a peak at 8 bcm in 2016, following the commissioning of two LNG regasification units in Ain Sokhna that were stopped in 2018.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.