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Egypt has fully awarded a tender to buy 20 cargoes of liquefied natural gas (LNG) to cover winter demand, trade sources told Reuters on Friday.
She added that the tender was awarded at a premium of between $1.70 and $1.90 above the benchmark gas price on the Dutch gas futures trading platform TTF.
Among the companies that won the tender – which was launched by the Egyptian General Petroleum Corporation last week and closed on September 12 – were TotalEnergies, Shell, BP and commodities trader Glencore.
Egypt is facing a major crisis related to the Egyptian government reducing loads and resorting to cutting off electricity, but the crisis has worsened with the rise in temperatures and the shortage of gas supplied to the stations, which prompted the Egyptian Electricity Holding Company to announce a load reduction schedule in coordination with local authorities so that citizens can know the timing of power outages.
Last July, Egyptian Prime Minister Mostafa Madbouly pledged to stop reducing electricity loads during the summer, after the arrival of a number of gas shipments contracted for by the country.
Madbouly said at a press conference in the New Administrative Capital at the time: “The Cabinet discussed today a number of important files, including the load shedding crisis, noting that the government plans to address energy demands in the summer of 2025 using renewable energy.”
He added: “We are importing large quantities of fuel shipments to implement the load shedding plan.”
