Rosneft Trading, a unit of Russia’s Rosneft, and the Egyptian Natural Gas Holding Company signed a master LNG supply and purchase agreement.
In accordance with this document, the two companies plan to organize the supply of LNG to Egypt, Rosneft informed in a statement.
Cooperation with EGAS marks Rosneft Group’s entry into the world LNG trading market.
Rosneft added that through the implementation of the provisions of the signed documents, in the long-term, it will gain access to the Egyptian gas market which has a significant growth potential.
At the beginning of July, the two companies agreed a term sheet for future supplies of liquefied natural gas to the Egyptian company.
The document defined key terms of the future cooperation between the companies in the area of LNG supplies. Under the term sheet, Rosneft will deliver 24 cargoes of LNG to Egypt through a two-year period starting in the last quarter of 2015.
LNG World News Staff; Image: Höegh LNG