Egypt to Buy LNG from Gazprom, France's EDF

State owned Egyptian Natural Gas Holding Company (EGAS) will sign an agreement with Gazprom and French company EDF to supply 12 shipments of LNG this summer to meet the needs of power plants, Daily News Egypt quotes EGAS president Khaled Abdel Badie as saying.

Abdel Badie said last week that the legal procedures for the agreement with the two companies have been completed.

Gazprom will deliver seven shipments of LNG while EDF will supply five shipments, reports Daily News Egypt. Each shipment will carry 170,000 cubic metres of LNG.

According to Badie, power plants use an estimated 500m cubic feet of gas per day.

EGAS is currently also in negotiations with the Algerian company Sonatrach regarding the supply of six shipments of gas, adds Daily News Egypt.