Egyptian oil ministry has reached a deal with Norway’s Hoegh LNG for Egypt to use of one of Hoegh’s Floating Storage and Regasification Units (FSRU) for five years for importing liquefied natural gas (LNG) that will help it address an energy crisis, Reuters has reported. Egypt can export LNG but cannot import it without the terminal, and a worsening gas shortage has caused power cuts that are set to become more acute during the hot summer months. Hoegh said the FSRU is set to start operations in the third quarter of this year. The ministry said the terminal would be moored off the Red Sea port of Ain Sokhna from September 1.
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