Egypt is negotiating with energy companies, including Aramco, to import liquefied gas until 2028

Egypt is conducting negotiations with companies including “Aramco” Saudi Arabia, “Travigorra” and “Vetol” to supply LNG until 2028, indicating the state’s transformation into a long -term importer in light of the decline in local production.

Informed sources said that the “Egyptian Holding Company for Natural Gas” received 14 offers to supply gas, ranging from 18 months and three years. She explained that the rise in the volume of needs compared to last year may push Egypt to spend about 3 billion dollars per month on gas imports this summer, starting in July, compared to about two billion dollars last year.

This trend aims to secure long -term shipments to reduce dependence on the fluctuating immediate market, but it also reflects the sharp shift of a country that was until last year a source of gas. Egypt has turned into a major importer with the decline in the production of local fields and increased demand resulting from population growth and high temperatures, which pressure global markets.

The contracts are expected to be awarded next week, with about 110 shipments to cover in the second half of this year, 254 shipments next year, and about 130 charges in the first half of 2027.

According to one of the sources, the offers made shall the gas with a bonus ranging between 80 and 95 cents per million British thermal units above the price of the European index, with the possibility of postponing the payment to 180 days. Gas futures contracts are currently being traded at about $ 12 per million heat units, while liquefied gas shipments are sold to Europe with a discount on this price.

“Travigorra” and “Vitol” refused to comment on the matter, while “Aramco” did not respond to “Bloomberg” inquiries outside the official working hours, and it was not possible to obtain a comment from the officials of the Egyptian Ministry of Petroleum.

Egypt has announced plans to add floating units to import gas, and is also taking place with Qatar on long -term supply agreements.

According to a report by “Goldman Sachs”, the energy deficit in Egypt exceeded $ 11.3 billion last year, which doubled the current account deficit to reach 6.2% of GDP in 2024 compared to 3.2% in the previous year.