The Egyptian Natural Gas Holding Company (EGAS) signed an agreement with the American company “New Fortress” to rent a floating gasification unit, the second in the local market, with the aim of receiving and storing liquefied natural gas, returning it to the gaseous state and directing it to the national natural gas network to meet consumption requirements.
This came within the framework of the Ministry of Petroleum and Mineral Resources’ work strategy to support securing natural gas supplies to various economic sectors to meet local demand.
The agreement was signed by Engineer Yas Mohammed, Executive Managing Director of EGAS, and Christopher Genta, the authorized signatory, in the presence of Asad Imran, Senior Vice President of Contracting and Commercial Shipping at Newfortress, and from EGAS, Eng. Osama Al Samnoudi, the company’s Vice President of Operations and Networks, and accountant Ashraf Habib, the company’s Vice President of Trade. The Ministry of Interior, the supervisor of foreign trade, Hani Allam, the supervisor of legal affairs, and the accountant, Mohamed Al-Terras, the company’s assistant president for contracts.
This step comes as part of the Ministry of Petroleum and Mineral Resources’ keenness to confront the increasing demand for natural gas, especially during periods of peak summer consumption, in implementation of the state’s directives to ensure the stability of electricity supplies, in parallel with the complementary efforts between the Ministries of Petroleum and Electricity and Renewable Energy to form the optimal mix of energy in the local market. Which contributes to increasing the participation of renewable energy in electricity generation to achieve the required energy balance locally and secure its supply.
The second floating gasification unit features the latest technology, with a storage capacity of 160,000 cubic meters of liquefied natural gas, with a gasification capacity of up to 750 million cubic feet per day.
The unit’s operation is scheduled to be based on the sea pier of Sumed Port in Ain Sokhna, and its operations are expected to begin during the second half of 2025, which will contribute to strengthening the infrastructure of the natural gas sector in Egypt and achieving sustainability of supplies.
The American company New Fortress is one of the world’s leading companies in providing innovative and efficient energy solutions, with a special focus on developing liquefied natural gas and sustainable energy technologies. The company is distinguished by providing reliable services at a competitive cost, which makes it a strategic partner in the energy sector in Egypt.
