Egypt aims to halve monthly LNG imports this year

Egypt plans to halve imports of liquefied natural gas (LNG) to five from 10 cargoes per month by year-end, an official at state buyer EGAS told Reuters on Tuesday.

Egypt is looking to postpone some contracted LNG cargoes following an increase in its own gas production, a boon for the cash-strapped government as it embarks on politically sensitive economic reforms.

The official, who asked not to be named, said Egypt aims to lower its monthly imports to seven cargoes by September and to five by year-end as production begins at Egypt's Zohr gas field in the Mediterranean.

Egypt has seen a string of gas discoveries in recent years and has tried to speed up production at recent finds in a bid to be gas self-sufficient by the end of 2018.

It is unclear whether its plans will involve postponing contracted cargoes to 2018 or cancelling them.

Trade sources have told Reuters that EGAS is looking to defer dozens of cargoes that are due for arrival.

Suppliers of LNG to Egypt include BB Energy, Glencore , Gunvor, Trafigura and Vitol, trade sources said.