EXCLUSIVE: Egypt in talks with energy majors for multi-year LNG supply deal, sources say

Egypt is in talks with major energy companies for a multi-year LNG supply deal, aiming to purchase 15 to 18 LNG cargoes per month for at least three years, Reuters reported on July 21. Negotiations include Shell, TotalEnergies and BP, with industry sources also citing Hartree Partners as involved in discussions. The talks are driven by Egypt’s domestic gas production struggling to meet rising demand and by tight global LNG markets during the Iran conflict, which has affected shipping through the Strait of Hormuz. Reuters calculations based on recent deals suggest the import bill could cost Egypt between $8 billion and $11 billion annually, with pricing at about $1.5 above the TTF benchmark. Egypt’s petroleum ministry and the named firms did not immediately comment.