Idku prepares to load the first LNG cargo in 3 months

Published on : 2020-10-27

Reuters - Egypt's Idku liquefied natural gas (LNG) plant is preparing to load a cargo for export, its first in three months, data intelligence firm Kpler said on Monday.

LNG tanker Cape Ann arrived at Idku on Monday and is expected to be the plant's first LNG export cargo since late July, Kpler analyst Rebecca Chia said.

Prior to the cargo in July, no loadings were seen from the plant since March, shiptracking data from Kpler and Refinitiv Eikon showed.

RELATED: Shell and Total will export 30 LNG cargoes in 2021 as part of long-term contract

"Egyptian exports were already halted in late March as weak global LNG prices led to a total collapse in the number of shipments from the facility," Chia said.

The Idku plant has exported 7 cargoes totalling 0.45 million tonnes this year, compared with 57 LNG cargoes totalling 3.66 million tonnes last year, she said.

Asian spot LNG prices LNG-AS which had dropped to record lows in May, spiked to their highest in nearly two years on Friday. This in turn is expected to stoke exports, especially from spot-focused LNG export plants, traders said.

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