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More LNG shipments secured: Egypt has reportedly bought 20 cargoes of LNG for some USD 907 mn to cover domestic needs between October and December, Reuters reported on Friday, citing trading sources with knowledge of the matter. The Egyptian General Petroleum Corporation (EGPC) reportedly awarded the tender under a six-month deferred payment plan.
The suppliers: The tender was reportedly awarded to commodity trading giant Glencore, crude and oil trader Gunvor, MEX International, Trafigura, Vitol, Hartree, BB Energy, TotalEnergies, Shell, Saudi Aramco, and BP. “Aramco is said to have won the most number of cargoes, around 6-7, with the rest winning cargoes between 1 to 3,” S&P Global reported on Friday, citing sources familiar with the transaction.
The details: The EGPC received offers from over 15 major firms at “very competitive rates that were 30-40% less than expected market prices,” a trading source told Reuters. The offers were around USD 1-plus per mn British thermal unit (BTU) premium to the benchmark Dutch TTF, which is around USD 0.60/mn BTU — “far less than market expectation.” The lower than expected premium partially came as a result of “confidence in EGPC” and its “strong ties” with global energy firms, one source told Reuters.
Costs + timeline for delivery: Egypt is paying some USD 45 mn per 3.5 ton BTU cargo — putting the total cost of all 20 cargoes at USD 907 mn, according to S&P Global. Egypt will receive seven deliveries next month, six in November, and seven in December.
Winter shipments are a bit of a rarity for Egypt: The tender marks the country’s first winter LNG tender since 2018, Reuters writes.
Background: EGPC issued the tender for the 20 shipments last week, split between 17 shipments of LNG for its floating import terminal at Ain Sokhna, as well as three more cargoes for delivery to Jordan’s Aqaba, in one of the state-owned firm’s largest ever tenders. The tender closed on 12 September.
More to come? “We will need to import another 17-20 shipments in 1Q 2025,” a government source told Enterprise last week.
