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MOP Finalizes Procedures of int'l Bid Round For 3rd FSRU
08. May 2016
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The Egyptian Natural Gas Holding Company (EGAS) stated that EGAS had completed procedures of announcing international bid round for third liquefied natural gas (LNG) Floating Storage Regasification Unit (FSRU) with capacity of one billion cubic meters per day.

An official at EGAS stated that the bid round is to secure natural gas supplies for economic development within the upcoming five years, particularly with the entry of the three mega power plants the production phase within next months.

He noted that the bid round will include additional requirements than the prior two bid rounds, alongside possibility of EGAS's participation in owning the floating unit or applying financial leasing system which aims to make EGAS own FSRU at the end of hiring period.

The official explained that the provision of third FSRU alongside the existing two units in Ain Sokhna Port will enable Egypt to receive approximately two billion cubic feet per day (Bcf/d) of gas, the step that ensures regular supplies for industry and electricity sectors, especially after giving the green light for the private sector to import natural gas and establishing a lot of steel and petrochemicals projects within the upcoming five years, the matter that will increase Egypt's natural gas requirements.

He underlined that according to studies prepared by specialized institutions, Egypt could achieve self-sufficiency of natural gas by 2022. As a result, LNG imports are to remain to close the gap between domestic production and consumption.

Egypt owns now two FSRUs in Ain Sokhna Port with capacity of 500 Mcf/d of each.

EGAS had commenced the real operation of the first FSRU in Ain Sokhna Port affiliated to Norway's Hoegh LNG after finalizing maintenance measures since Friday. Hoegh's floating unit began to produce 500 Mcf/d of gas into the national gas grid.