New importer Egypt ready to receive FSRU - 16/03/2015

One-time LNG producer Egypt is gearing up to become an importer with the arrival of a floating storage and regasification unit (FSRU) this month.

Hoegh LNG says its 170,000-cbm Hoegh Gallant (built 2014) is due onsite at the end of this month to start its five-year charter with Egyptian Natural Gas Holding Co (EGAS).

The company says the FSRU is currently undergoing maintenance. The vessel, which was delivered in the third quarter and has been trading spot in the interim, has been in Huarun Dadong Dockyard in Shanghai since mid-January for work to upgrade its regasification capacity for its new charterer.

“That project is fully on schedule, on budget and we look forward to starting up the contract with Egas in late March/early April,” Hoegh president and chief executive Sveinung Stohle said in a results briefing.

Egypt, which has previously exported LNG from two separate production projects, is suffering severe energy shortages. This week, the country said it hopes to sign LNG import deals with energy majors Shell and Total to cover the next two years.

Government officials said the country is also in the final stage of talks with Gazprom and BP for LNG supply.

in 06 March 2015