Egypt plans to lease floating LNG storage vessels to ensure receiving capacity during the summer electricity peak period

(1) According to informed sources, the Egyptian state-owned natural gas enterprise Egyptian Natural Gas Holding Company (EGAS) plans to introduce a floating liquefied natural gas storage unit to ensure LNG transport and receiving capacity during the summer electricity peak season. (2) The company plans to lease this storage vessel between June, July, and the end of September, to be deployed at Ain Sokhna Port or Damietta Port, with an option to renew the lease. (3) The relevant individuals were not authorized to speak publicly. This move aims to meet the concentrated demand for natural gas during the summer electricity peak and ensure a stable energy supply.