CAIRO - 7 May 2024: Hoegh LNG Holdings secured a contract with the Egyptian Natural Gas Holding Company (EGAS) to deploy the Floating Storage and Regasification Unit (FSRU) Hoegh Galleon. This strategic move aims to bolster Egypt's energy security by meeting the additional demand for natural gas during the summer months.
According to a statement released by Hoegh LNG Holdings, the FSRU Hoegh Galleon is expected to be stationed in Ain Sokhna, Egypt, for approximately 19 to 20 months. Following this period, the vessel is slated to be redeployed to the LNG terminal being constructed by Australia Industrial Energy (AIE) at Port Kembla, Australia.
"Together with AIE and EGAS, we are pleased to provide Egypt with flexible infrastructure in support of energy security. Höegh LNG is the industry leader in the rapid deployment of FSRUs, and we are pleased that we can provide this solution for EGAS together with AIE while continuing to develop our strong partnership," the President & CEO of Hoegh LNG, Erik Nyheim, stated.
CNN Business Arabic cited an unnamed official who disclosed that the Egyptian government is expected to pay an annual fee of $90 million to utilize the FSRU unit.
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