(Ecofin Agency) - Following the Minister of Petroleum and Mineral Resources Tareq el Molla’s declaration that Egypt will be a regional center for energy of oil and natural gas, the country has today revealed plans to engage a third Floating Storage and Regasification Unit (FSRU).

The FSRU is to allow Egypt to keep up with its imports of natural gas to meet growing domestic demand as well as import LNG and convert it to natural gas to feed its power grid. According to head of the state-run EGAS board, Khaled Abdel Badie, the government plans to use the converted LNG from the third FSRU to meet the needs of its industrial sector.

The FSRU will arrive offshore the country in late-2016 or early-2017.

Egypt is working hard in order to boost the output of oil and minerals. As a result the ministry is however seeking to increase gas and oil exploration agreements.