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Egypt buys six of nine LNG cargoes via competitive tender

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LNG Industry,

Reuters are reporting that Egyptian Natural Gas Holding Company has awarded six of nine cargoes as part of a competitive tender to Switzerland-based traders Trafigura, Vitol and Gunvor.

Trafigura will supply three cargoes, Gunvor two and Vitol one, though there was some disagreement over the exact split.

Gunvor’s cargoes are likely sourced via a government-to-government deal between Egypt and LNG producer Trinidad.

Trade sources said two early July cargoes were not awarded, likely due to unexpectedly high spot LNG prices and a lack of offers. The ramp-up of Eni’s giant Zohr gas field is also rapidly cutting the country’s demand for LNG.

Eni aims to boost Zohr output to 1.75 billion ft3/day in August.

Estimated prices for the deliveries were pegged at 14.5 – 16% of a barrel of Brent crude oil, equivalent to upwards of US$11 per mmBtu.

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