Rosneft has announced that it has delivered its first LNG shipment to the Egyptian Natural Gas Holding Company (EGAS).

This shipment is the first out of five shipments of LNG that Egypt had agreed with Rosneft under a memorandum of understanding signed in 2015. The MoU had included a provision of petroleum products as well as 24 LNG cargoes but only five of the 24 cargoes earlier agreed upon were signed into a final deal.

“The delivery of the cargo was made by the GOLAR ICE tanker to the Ain Sukhna port within the Master LNG Supply and Purchase Agreement signed in August 2015. The delivered cargo of LNG is the first one in Rosneft’s operational history. This result demonstrates the elevated level of trading expertise of the company,” Rosneft said.

This deal with EGAS represents Rosneft Group's entry into the global LNG trading market. As a matter of fact, the execution of the provisions stipulated in the signed documents will in the future, grant Rosneft access to the Egyptian gas market, which has a significant growth possibility, Amwalalghad news reports.

Anita Fatunji