Egypt to Buy More Oil Products to Free Up Gas for LNG Exports

Egypt is embarking on a plan to buy more oil products for power generation as the cash-strapped North African nation frees up gas for LNG exports, as part of efforts to repay money it owes to foreign operators.

State-owned Egyptian General Petroleum Corp. plans to buy more than a million tons of diesel, gasoline and butane gas for delivery in November, up 60% from the same period last year, according to people familiar with the matter, who asked not to be identified as they’re not authorized to speak to the media. Egypt’s energy ministry didn’t respond to a request for comment.