The Egyptian Natural Gas Holding Company (EGAS) has entered into a leasing agreement with the U.S.-based New Fortress Energy for a second floating gasification unit in Egypt, as announced by the Egyptian Ministry of Petroleum and Mineral Resources. The agreement was formalized through a signing ceremony involving Eng. Yassin Mohamed, EGAS Executive Managing Director, and Mr. Christopher Giuna, Authorized Signatory for New Fortress Energy.

The event saw participation from key industry leaders, including Asad Imran, Senior Vice President of Chartering and Commercial Shipping at New Fortress Energy, and senior EGAS officials such as Eng. Osama El-Salmonoid, Vice President for Operations and Networks, Mr. Ashraf Habib, Vice President for Internal Trade and Economic Affairs, and Supervisor of Foreign Trade and Financial Affairs, along with Mr. Hany Allam and Mr. Mohamed El-Tarras, Assistant Chairman for Contracts.

The new floating gasification unit is a high-tech addition to Egypt's energy infrastructure. With a storage capacity of 160,000 cubic meters of liquefied natural gas (LNG) and a gasification capability of up to 750 million cubic feet per day, the unit is designed to bolster Egypt’s natural gas supply during peak demand periods. It will be stationed at the marine pier of SUMED Port in Ain Sokhna and is scheduled to commence operations in the second half of 2025.

This initiative is a critical component of Egypt’s broader energy strategy, which seeks to meet the rising demand for natural gas, particularly during the summer months when consumption typically surges. Beyond addressing immediate supply needs, the project aligns with Egypt’s efforts to enhance its energy mix. The collaboration between the Ministries of Petroleum, Electricity, and Renewable Energy aims to optimize energy resources while advancing renewable energy's share in electricity generation.

By introducing this state-of-the-art floating gasification unit, Egypt is taking a significant step toward strengthening its energy infrastructure. The project not only supports the country’s growing domestic needs but also enhances its ability to manage natural gas supply and demand effectively. Moreover, it underscores Egypt's commitment to integrating advanced technologies into its energy sector and promoting sustainable development by balancing fossil fuels and renewable energy sources.

The partnership between EGAS and New Fortress Energy highlights the strategic importance of international collaborations in achieving energy security and sustainability. Positioned at SUMED Port, the floating unit is expected to play a pivotal role in ensuring a steady and reliable energy supply, particularly as Egypt continues to develop its capabilities as a regional energy hub. This agreement further cements Egypt’s commitment to future-proofing its energy sector while supporting its broader economic and environmental goals.