The state gas company EGAS tendered to sell four cargoes of LNG for loading in April. REUTERS/Stringer/File Photo
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Egypt indicated it's ready to rejoin the club of major exporters of liquefied natural gas, making its biggest offer to supply the market in at least five years.For Egypt, the tender marks a revitalizing of its gas industry, where sagging domestic production forced it to halt most exports of LNG in 2014 . Extra supplies from Egypt would hit a market already battling with the lowest spot prices for the super-chilled fuel since July 2017 following a mild winter that curbed demand across Europe and Asia. When plants restart and come back into the market, sellers have a lack of commercial visibility and doing a tender will allow Egypt to test the market, said Jean-Christian Heintz, founder and director of industry consultant Wideangle LNG in Lugano, Switzerland.
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