(Ecofin Agency) - Engie has signed a cooperation agreement with the Egyptian National Gas Company (EGAS) for the importation of liquefied natural gas (LNG) to Egypt.

The company said the contract was executed during the visit of President François Hollande to Egypt but did not disclose the terms of the cooperation.

“Engie and the Egyptian national company EGAS, under the auspices of the Egyptian Ministry of Petroleum and Mineral Resources, executed a cooperation agreement on LNG importation to Egypt,” the company said.

According to Isabelle Kocher (photo), Engie’s deputy CEO and COO, an energy cooperation agreement was also signed with the National Renewable Energy Association (NREA) and the Egyptian Electricity Transport Company (EETC) for the development of renewable energy.

Energy deficits, growing domestic demand for gas and the fall in production have transformed Egypt from a net exporter to a net importer of gas.

The country became an LNG importer in April 2015 when it received the Höegh Gallant FSRU, which is currently being used as an import terminal in Ain Sokhna on a five-year contract with EGAS, Reuters reports.

Anita Fatunji