Egypt to issue tender for $3 bn worth of LNG in June: Reuters

Egypt is planning a tender in June to buy new liquefied natural gas (LNG) shipments worth up to $3 billion over the years 2016 and 2017, the head of state-owned EGAS and traders told Reuters on Friday.

Egypt has become an important player in the international market for LNG in the country's attempt to overcome the worst energy crunch it has seen in decades.

The Arab-African country has become a net importer of oil and gas on the back of lower production levels and higher demand.

In its first tender for LNG, Egypt bought around $2.2 billion-worth of LNG this year from European traders. The purchase was made possible after the country's recent acquisition of an LNG import terminal.

Earlier this month, Egypt issued a tender for a second LNG import terminal. Any setback in the purchase would delay the tender for new shipments.