Egypt Signs Long-Term Deal to Increase Imports of LNG

Egypt signed a 10-year deal for a floating liquefied natural gas import terminal, signaling the North African nation’s long-term dependency on fuel imports.

Under an agreement between state-owned Egyptian Natural Gas Holding Co. and Höegh Evi Ltd., the Hoegh Gandria will be deployed at the port of Sumed, near Alexandria on the Mediterranean coast, in the fourth quarter of 2026, Höegh Evi said in a statement to Bloomberg. The vessel, which has been serving as an LNG carrier, will immediately begin its conversion to a floating storage and regasification unit.