Egypt Shuns Millions of Barrels of Oil Cargoes in Shift to LNG

Egypt gave up on more than 2 million barrels of petroleum cargoes it offered to buy when gas supplies from Israel were briefly cut, after securing massive amounts of LNG to help meet its electricity generation needs.

After originally tendering to buy 14 shipments of fuel oil — a refined product used in power plants — Egyptian General Petroleum Corp. canceled about half of the plan issued in June for delivery this month, according to people familiar with the matter, who asked not to be named discussing non-public information. The state firm is also asking traders to reschedule deliveries from an earlier tender, one of the people said.