Report: Egypt awards LNG tender, Glencore grabs majority of cargoes

Report: Egypt awards LNG tender, Glencore grabs majority of cargoes
Höegh Gallant FSRU, Ain-Sohkna, Egypt (Image courtesy of Höegh LNG)

Egypt has reportedly selected its suppliers for about 60 cargoes of liquefied natural gas it sought through what was claimed to be the largest mid-term tender ever issued.

Sources told Reuters that the 60 cargoes will be imported next year with the Swiss commodity trader, Glencore grabbing the majority with 25 cargoes while the Amsterdam-based Trafigura was awarded the right to supply 18 cargoes.

Other selected bidders in the EGAS tender issued in October, seeking 96 cargoes for delivery in 2017-2018, are BB Energy, Gunvor and Vitol, according to the report.

It was further stated that EGAS has secured its 2017 requirements with the tender, with only six cargoes to be delivered in 2018.

The cargoes for January-March delivery have been estimated at about US$7.5 per mmBtu as they have been awarded at a slope of around 15 percent to crude. The remaining cargoes for 2017 have been priced at a slope of 12 percent and below.

Under the terms of the latest tender the window in which Egypt has to pay for the delivered cargo has been extended from 90 to between 120 and 180 days.

EGAS also has an option to book additional 12 cargoes for delivery in 2017 under the original tender document.

 

LNG World News Staff

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