Egypt, Gazprom to Conclude LNG Deal Later This Month

Egypt and Russian energy major Gazprom are expected to complete LNG deal later this month, according to news agency Reuters.

A Gazprom delegation would visit Egypt in mid-January, Egyptian Oil Minister Sharif Ismail told Reuters on Sunday.

The two parties agreed in principle last April for Gazprom to supply seven LNG shipments to Egypt.

This would be Egypt’s second LNG in recent weeks. Algeria and Egypt late last month signed a previously announced natural gas deal under which Algiers will supply 850,000 cubic meters of LNG in six shipments to Egypt during 2015.

Egypt is facing severe shortage on natural gas as output has declined amid rising domestic demand.