(Ecofin Agency) - Egypt’s Oil Minister, Tarek El Molla (photo), has announced that the country has terminated its tender to hire a third liquefied natural gas import (LNG) regasification terminal as it is no longer needed.

“The tender to rent a third regasification terminal was cancelled due to a lack of need for it and until we reassess the gas production capacity of Egypt and the consumption levels over the next few years,” he told Reuters.

Egypt, which was once an energy exporter, began importing liquefied natural gas (LNG) in 2015 and has before chartered two floating and storage regasification units (FSRU), in order to prevent power shortages caused by declining energy production and increasing consumption.

Anita Fatunji