Russia’s state-owned energy entity Rosneft has signed an agreement to supply liquefied natural gas (LNG) to Egyptian Natural Gas Holding (Egas).
Signed during Egyptian President Hussein Abdel Fattah Saeed Khalil al-Sisi’s visit to Russia, the deal follows a term sheet signed between the firms in July for future supplies of LNG to the Egyptian company by Rosneft.
Rosneft said: "Cooperation with EGAS marks Rosneft Group’s entry into the world LNG trading market.
"Also, implementation of the provisions of the signed documents will, in the long term, open access for Rosneft Group to the Egyptian gas market which has a significant growth potential."
The agreement provides Rosneft with open access to the Egyptian gas market, which is expected to have significant growth potential.
Egas is responsible for the strategic development of the gas sector in the country particularly in the fields of upstream operations and logistics, refining and liquefying of natural gas.
According to Rosneft, Egypt is said to be the largest gas importer in Africa.