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FINANCIAL NEWS
Egypt to import USD3.55b liquefied Nat gas by 2016
14 Apr 2015
(MENAFN) The Egyptian government is ready to pay a sum of about USD3.55 billion to import liquefied natural gas (LNG) in the fiscal year of 2015-2016, according to the state-owned Egyptian General Petroleum Corporation (EGPC ), Reuters reported.
Egypt is looking to soothe its soaring deficiencies in energy through the transaction, and the arrival of a floating importation terminal is set to spark the country’s reformative measure in buying the extra-cooled down Nat gas.
The Egyptian fiscal year starts in the second half of the year, in which shipping procedures will start. It is said that the growing population and rising consumption turned Egypt into a net importer from a previously esteemed exporter.
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