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EGAS launches tender for 96 LNG cargoes

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LNG Industry,

According to Reuters, Egypt Natural Gas Holding (EGAS) has launched a tender to secure 96 LNG cargoes in 2017 and 2018, including an option for 12 additional cargoes, which the company may decide not to award.

Reuters reports that this is the largest mid-term LNG buy tender ever issued.

Under the terms of the tender, however, Reuters claims that LNG suppliers may have to wait longer than usual for payments. For deliveries scheduled between January and June 2017, suppliers may have to wait up to six months. Following this, suppliers will be paid 120 days after delivery. Previously, LNG shippers received payment 90 days after delivery.

Trade sources reportedly said that, at a meeting with energy suppliers in October, Egypt talked about the possibility of extending payment deadlines to 120 – 180 days following delivery, in order to have more “breathing room.”

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