The Egyptian petroleum ministry announced on Thursday that it is in discussions with Excelerate Energy regarding a floating storage and regasification unit (FSRU) to ensure a stable supply of natural gas for the Egyptian market.
In a statement, Excelerate Energy CEO Steven Kobos expressed the company’s willingness to provide the necessary FSRUs to support Egypt’s energy needs. According to the company’s website, Excelerate Energy operates a fleet of 11 FSRUs and offers downstream LNG infrastructure solutions.
Egypt has already established a floating LNG terminal in Ain Sokhna and has secured a second vessel, which is expected to commence operations by mid-2025. Given the country’s persistent natural gas shortages and rising electricity demand, authorities have been exploring various options to expand gas infrastructure.
Kobos also emphasized the potential for increased cooperation in LNG trading projects, driven by significant confirmed reserves in the Eastern Mediterranean and recent discoveries.
In a move to strengthen regional energy ties, Egypt and Cyprus signed an agreement last month to facilitate the export of natural gas from Cyprus’ offshore fields through Egyptian infrastructure. Both nations are working to position the Eastern Mediterranean as a strategic energy hub.