Egyptian General Petroleum Corporation (EGPC) is looking to purchase 202,000 tons of Liquefied Natural Gas (LNG) to be received through Suez and Alexandria ports in October 2016, according to a tender documentation for LNG imports.

The documents revealed that EGPC issued a tender to buy 35,000 to 37,000 tons of LNG cargo, which contains 0.1% sulfur, to be received via the Suez port by October ending.

Bidding is to be extended for a week after the tender ends by late September.

In another tender, EGPC has demanded for 5 cargoes that contain 30,000 to 33,000 tons of 0.1% sulfur LNG each and will be received through Alexandria and El Dekheila ports, with the delivery dates also planned for late October.

Bidding for this tender will be extended for a week after the tender closes in mid-September, Egypt Oil and Gas reports.

Egypt became a net LNG importer in 2014, when falling output and power shortages made the country to divert gas being sent to liquefaction plants for domestic use. The country’s shift to an importer was one amongst few bright spots for a global LNG market where quick increases in supply are overtaking demand, making prices to fall by over 50% in the past two years.

Foreign investments in Egypt’s oil and gas sector hit $6.6 billion during the 2015-16 financial year, compared to the $ 7.5 billion in 2014-15 fiscal year, according to Oil Minister, Tarek El Molla.

El Molla said the investments in exploration, production, and development during the year came in spite of the internal energy price fall, which forced International oil companies to slash their expenses globally.

Egypt is however, targeting $12.1 billion in investments from International oil companies during the 2016-17 financial year.

Anita Fatunji