(MENAFN) Egypt is set to launch what will be a highly sought after tender in early June to buy up to USD3 billion of liquefied natural gas (LNG) over 2016 and 2017, Arab News reported.
Egypt has emerged as a major new market for LNG as it looks to ease its worst energy crunch in decades. Falling output and rising demand have transformed it from an oil and gas exporter to net importer.
This year it secured USD2.2 billion worth of LNG largely from European traders in its first-ever tender to supply a newly installed import terminal moored on its Red Sea coast.
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