Egypt

LITHUANIA EXPECTING FIRST LNG CARGO FROM EGYPT

Published on : 2021-05-06

Lithuanian LNG terminal operator Klaipedos Nafta (KN) said May 5 it expected its first-ever cargo of LNG from Egypt by the end of the week.


LNG carrier LNG Fukurokuju is expected at the terminal on May 7, carrying an estimated 138,000 m3 of LNG from Egypt.


Mindaugas Navikas, KN's chief sales officer, said the market may be looking to Egypt to add diversity to the European energy market.


“As the prices of LNG are still high in Asia, a large part of cargo from Europe is diverted exactly there by taking advantage of the spot market opportunities, and a certain new-found niche is filled by Egypt, which has been less visible on the map of European LNG suppliers so far,” he said. “What is more, Egypt announced in January that it would significantly increase exports to Europe to meet the growing demand for LNG here.”


Lithuania had sourced most of its LNG from Norwegian Equinor, but the extended closure of the Hammerfest LNG export facility in Norway forced a switch to other suppliers, largely the US.


In the current gas year that runs until September 30, the KN terminal has received 41 LNG carriers versus 42 for the entire previous 12-month period, and nine more tankers are expected before the new gas year begins. Some 1.73mn m3 of LNG has been delivered to the facility this gas year, of which 82% came from the US.

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