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Norway’s Hoegh LNG pulls out of gas terminal deal with Egypt

: Sunday, February 23 - 2014 @ 00:57

Norway-based shipping firm, Hoegh LNG has pulled out of a deal with Egypt to install an LNG import terminal, dashing the country’s hope of importing liquefied natural gas to stave off an energy crunch this summer, Reuters has reported, citing sources with knowledge of talks between Cairo and the company. Hoegh, which was recently awarded the contract to provide a floating terminal, rejected the commercial terms offered by state-run gas company Egas, the sources said. The tender process to find a company to provide the terminal began around 18 months ago, well before the army toppled President Mohamed Mursi last July. “Hoegh LNG won the tender, but the conditions offered by the counterparts in terms of commercial and financial guarantees were not good enough,” one source said.

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Sunday, February 23- 2014 @ 0:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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