Egypt Buys LNG in Rare Move to Avoid Summer Gas Crunch
- It recently bought at least one cargo and wants more: traders
- Nation’s $50 billion bailout gives leeway to avoid blackouts
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Egypt began buying liquefied natural gas, a rare move by the fuel exporter to avoid shortages this summer.
Egyptian Natural Gas Holding Co. recently bought at least one shipment for delivery in the next month and is looking for several more, according to traders with knowledge of the matter. The country, which uses gas for cooling to escape extreme heat, is securing supply this early in the year to potentially avoid the chronic power blackouts of last summer.