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Rosneft delivers its first LNG shipment to Egypt

May 06, 10:19 UTC+3
The delivered cargo of LNG is the first one in Rosneft’s operational history
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© Piotr Tsirendorzhiev/ITAR-TASS, archive

MOSCOW, May 6. /TASS/. Rosneft Trading SA (a company of Rosneft Group) delivered its first ever LNG shipment as part of its contract with Egyptian Natural Gas Holding Company (EGAS), Rosneft reported Friday.

"The delivery of the cargo was made by the GOLAR ICE tanker to the Ain Sukhna port within the Master LNG Supply and Purchase Agreement signed in August 2015. The delivered cargo of LNG is the first one in Rosneft’s operational history. This result demonstrates the elevated level of trading expertise of the company (the LNG cargo was acquired within an efficient international spot contract)," the report said.

"Transformational changes in the global LNG trading market, consisting of rising volumes of spot deals, open extensive prospects for the growth potential of the company’s trading arm. The combination of Rosneft Group’s spot and long-term contracts will allow maximizing the economic efficiency of its deals whilst guaranteeing a stable LNG-marketing outlet," Rosneft said.

In August 2015, Rosneft Trading SA and EGAS signed a master LNG supply and purchase agreement.

The cooperation with EGAS marks Rosneft Group's entry into the global LNG trading market. Also, implementation of the provisions of the signed documents will, in the long term, open access for Rosneft to the Egyptian gas market, which has a significant growth potential.

The state-owned Egyptian Natural Gas Holding Company is in charge of strategic development of Egypt's gas sector. Egypt is an absolute leader in gas consumption among African countries.

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