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Currently under construction at Hyundai Heavy Industries, the 170,000 m3 FSRU Höegh Gallant has gained the interest of the Egyptian Natural Gas Holding Company (Egas) which signed a Letter of Intent for its use at the LNG import terminal at the port of Ain Sokhna on the Gulf of Suez.
Höegh LNG notes the LOI is for a 5-year contract commencing in Q3 2014 and will provide a maximum of 500 million cubic feet (mcf) per day of natural gas to Egypt’s energy grid.
In parallel, Egypt’s Ministry of Petroleum notes the country is looking to ramp up natural gas production rates by around 4 to 500 mcf per day in 2014. Over the next 3 years they plan to achieve production rates of 2,700 mcf per day, an increase of 1.3 mcf over current production rates.
The Höegh Gallant is scheduled for delivery in June of this year.
President and Chief Executive Officer of Höegh LNG, Sveinung J.S. Støhle commented:
“We are delighted to have reached this significant milestone in our agreement with Egas, and look forward to completing this project that will give Egas the fast-track infrastructure to import LNG into Egypt. This project shows again the flexibility and versatility that Höegh LNG’s FSRU solutions bring to the LNG markets”.
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