Hoegh LNG Secures FSRU Deal: Egypt & Australia Bound

70

Norwegian FSRU player Hoegh LNG confirmed it has signed a deal with Australian Industrial Energy (AIE) and Egypt’s EGAS to deploy the 2019-built FSRU Hoegh Galleon to Egypt.

Deployment & Agreement

Hoegh LNG said on Thursday that the FSRU with a regas capacity of 384 mmscf/d will be located in Ain Sokhna, Egypt for a “likely period of 19-20 months”.

The deal with EGAS spans an interim period from June 2024 to February 2026, facilitating the mitigation of potential gas shortages in Egypt.

Future Deployment in Australia

Post the Egyptian deployment, the 170,000-cubic meter FSRU is slated to join AIE’s LNG terminal under construction at Port Kembla, New South Wales, according to Hoegh LNG.

The firm did not provide further details of the agreement.

Additional Insights Project Progress at Port Kembla

LNG Prime reported on April 23, citing a report by Wood Mackenzie, that EGAS has chartered the FSRU to deploy it in the Ain Sokhna port and address potential gas shortages in its domestic market.

Hoegh LNG said in November last year that Hoegh Galleon has started its long-term charter with Squadron Energy’s AIE.

AIE is currently working on its Port Kembla import terminal in New South Wales to prepare the facility for the arrival of the FSRU.

Squadron Energy’s latest update said that the terminal is more than 90 percent completed and the “timing of the FSRU’s arrival remains on track for 2026.”

Did you subscribe to our daily Newsletter?

It’s Free! Click here to Subscribe

Source: ING Prime