The Egyptian Natural Gas Holding Company (EGAS) and Jordan's National Electric Power Company (NEPCO) on Thursday signed an extension of a contract to supply natural gas.
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The EGAS, in a statement issued on Saturday, said a settlement agreement and another framework agreement signed with ENI, Naturgy, Union Venusa Gas and the Spanish Egyptian Natural Gas Company (Cigas) were canceled.
The company also signed four development contracts with a total of $20 million grants.
The new agreement was signed with the Egyptian Holding Company for Natural Gases "EGAS" and the German company Wintershall Dea, the ministry clarified in a statement.
It clarified that 25 percent of the amount will be paid in advance, at a value of $1.5 million.
The volume of production of the liquefaction plant in Edco is expected to reach 100 percent in the coming period, the sources said.
The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.
The company reached revenues of LE 606.94 million by the end of March, compared to LE 397.33 million during the compared period of the previous year.
The protocol aims at improving and producing prepayment gas meters that are smart and up to the international standards.
Egyptian Natural Gas Holding Company (EGAS) tendered to sell four cargoes of liquefied natural gas (LNG) for loading in April.
Shell Egypt NV Company won five sectors of EGAS biddings
Egypt has recently signed several oil agreements for the exploration of oil and gas in several areas, including the Mediterranean and the Gulf of Suez.
The ministry has also been maximizing its efforts in the Household Natural Gas Connection Project that aims at increasing household access to reliable, lower cost and grid connected natural gas supply.
The ministry noted that EGAS failed to supply the project with gas due to the difficult situation in Egypt following the 25 January, 2011 revolution.
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EGAS and Italian natural gas infrastructure company Snam will cooperate in natural gas infrastructure projects and machinery manufacturing.
Egypt’s production of natural gas increased in December 2017 to reach 3.4 million tons, up from 2.7 million tons in December 2016.
During this period, the ministry achieved 520 crude oil discoveries, according to figures from state statistics agency CAPMAS.
Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18, Deputy Chairman of EGAS said Sunday.