LONDON: Egypt has signed deals worth about $3 billion with Shell and TotalEnergies to secure 60 cargoes of liquefied natural gas (LNG) to cover demand for 2025, three trading sources told Reuters.
The most populous Arab country last year returned to being a net importer of natural gas, buying dozens of cargoes and abandoning plans to become a supplier to Europe following a steep decline in domestic output.
Egypt’s domestic supplies fell to a seven-year low in September 2024, data from the Joint Organisations Data Initiative showed, mainly because of lower output from the Zohr gas field and higher power consumption.
The sources, who could not to be named because they were not authorised to speak publicly, said the 60 cargoes would cover most of the country’s demand this year.
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