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Egypt seeks alternative to Tamar gas – report

“Interfax”: Egypt in talks with Norway’s Hoegh LNG to lease a floating unit.

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Paralleling plans to import natural gas from the Tamar field, Egypt is moving ahead on a plan that might reduce the need for Israeli gas. “Interfax Natural Gas Daily” reports that that Egypt is in talks with Norway’s Hoegh LNG AS (OMX: HLNG) to lease the company’s latest floating storage regasification unit (FSRU) in the third quarter of 2014. The FSRU is under construction at Hyundai Heavy Industries Ltd. shipyards in South Korea, and will have a production capacity of 4-5 billion cubic meters (BCM) a year.

The pending deal between Egypt and Hoegh is for five years at a cost of $40 million “Interfax” says that Egypt will use the FSRU to import gas from Algeria.

Two weeks ago, the partners in Tamar –Noble Energy Inc. (NYSE: NBL),  Delek Group Ltd. (TASE: DLEKG), Isramco Negev 2 LP (TASE:ISRA.L), and Alon Natural Gas Exploration Ltd. (TASE: ALGS) – signed a memorandum of understanding for a long-term gas supply contract with Spain’s Union Fenosa SA (BMAD: UNF), the operator of Egypt’s liquefied natural gas (LNG) plant in Damietta, for the supply of 4.5 BCM of gas a year for a total value of $1.3 billion.

The partners in Leviathan – Noble Energy, Delek, and Ratio Oil Exploration (1992) LP (TASE:RATI.L) – are also in talks with BG Group plc (NYSE; LSE: BG), which operates Egypt’s other LNG plant at Ideko, for the supply of 7 BCM of gas a year.

Published by Globes [online], Israel business news – www.globes-online.com 

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