Egypt could be on its way to recovery from the energy crisis as the country prepares to issue a tender for a second LNG import terminal in the coming weeks.
The last few years have seen the country turn from a net exporter to a net importer due to high domestic consumption and unpaid debts that have hindered foreign investment.
As Reuters informs, the country has begun repaying its debt in an effort to lure new investment but $4.9 billion of debt to companies as BP, BG, Eni and Dana Gas still remain.
Egypt recently closed the long-awaited deal with Höegh LNG for the floating storage and regasification unit which would allow the country to start importing LNG, which it was unable to do previously.
The country’s Ministry of Petroleum recently said that 6 cargoes of LNG will be imported from Algeria from April to September 2015.
LNG World News Staff; Image: Höegh LNG