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FINANCIAL NEWS
Egypt’s Citadel to buy Qatari LNG
23 Nov 2012
(MENAFN) Egypt’s Citadel Capital SAE announced that starting mid-2013, the private equity firm will import Qatari liquefied natural gas (LNG), reported Gulf Daily News.
The company said that at the current time, the county needs extra natural gas to supply the power generation sector and Egypt’s industrial base.
In order to import Qatari LNG, the company will set up a joint venture that will be 51 percent owned by Qatari investors and a Qatari investment bank.
The joint venture would establish and own facilities needed for a floating LNG storage and regasification unit to convey natural gas to end-users in the country from the middle of 2013.
It is worth noting that Egypt has two LNG terminals and a pipeline to ship some of its large gas reserves, however, the country has been redirecting some of the fuel intended for export to meet fast growing domestic demand.
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