{"id":618252,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/this-evening-egypt-considers-leasing-gasification-unit-to-bolster-gas-supply-prior-to-summer-season\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"this-evening-egypt-considers-leasing-gasification-unit-to-bolster-gas-supply-prior-to-summer-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/this-evening-egypt-considers-leasing-gasification-unit-to-bolster-gas-supply-prior-to-summer-season\/","title":{"rendered":"THIS EVENING: Egypt considers leasing gasification unit to bolster gas supply prior to summer season"},"content":{"rendered":"

Good afternoon, folks, and happy Thursday. <\/strong>The news cycle is picking up as we approach the final weekend of Ramadan and the eventual Eid holiday.<\/p>\n

** So, when do we eat?<\/strong> Maghrib prayers are at 6:16 pm in the capital city, and you\u2019ll have until 4:10 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Egypt is moving to lease a gasification unit to be docked at the Gulf of Suez <\/strong>as it aims to secure more gas supplies ahead of summer, a government source told Enterprise this morning.<\/p>\n

Egypt has imported at least two LNG shipments<\/strong> that will be regasified in Jordan\u2019s Aqaba to be delivered next month, the source added, confirming a Bloomberg<\/a> report that cited what it said are traders with knowledge of the matter.<\/p>\n

The rationale: <\/strong>Natural gas is currently at favorable prices globally after the winter season ended in Europe. Egypt is planning to stock in more shipments before summer, the source explained.<\/p>\n

Remember: <\/strong>Egypt had bid farewell to the era of leasing floating storage regasification units (FSRU) years ago when it ended a contract with the Norwegian H\u00f6egh Gallant in 2018<\/a> as the government pulled the plug on gas imports following the discovery of Zohr field, which has allowed Egypt to re-emerge again as a natural gas export hub.<\/p>\n

The shift in course happens as the government decided last summer to ration natural gas consumption amid a decline in local production.<\/strong> The move saw the Madbouly government introduce power outages that are expected to be resumed after Eid Al Fitr break, a source in the electricity sector told Enterprise yesterday.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

There\u2019s no single story leading the conversation in the international business press this <\/strong>afternoon, but a big point of focus is <\/strong>Benny Gantz\u2019s call for early elections in Israel. <\/strong>A member of Israel\u2019s war cabinet, Gantz\u2019s proposal mounts pressure on Prime Minister Benjamin Netanyahu as domestic protests swell alongside international criticism over Israel\u2019s attack on Gaza. Gantz suggested holding the polls in September instead of the scheduled 2026, saying it was necessary to confront upcoming challenges and to seek the trust of the Israeli populace. (Bloomberg<\/a>)<\/p>\n

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