Qatar and Egypt agreed on a “gas swap” deal for the supply of liquefied natural gas to help the North African country meet soaring power demand in the summer months, an Oil Ministry official said.
Qatar will supply 18 to 24 cargoes of LNG, each equivalent to 3.3 billion cubic feet of natural gas, for four months from May 28, Tarek Elbarkatawy, first undersecretary for agreements and exploration at the Egyptian Oil Ministry, said today by phone. Under the deal, BG Group Plc and Petroliam Nasional Bhd would give Egypt a share of their natural gas production while Qatari fuel would be used to meet the two companies’ export commitments, Elbarkatawy said.
Egypt, the Arab world’s most populous nation, is struggling to meet rocketing demand for energy by both households and industry amid a slowdown in oil and gas exploration and production following an uprising in 2011. The nation stopped supplying natural gas to the Segas LNG export plant because of rising domestic demand, Sherif Haddara, then chairman of state- run Egyptian General Petroleum Corp., said in February.