Egypt’s growing appetite for LNG to balance its domestic natural gas market is making a wild card for international buyers, putting upward pressure on Europe as it navigates winter supply.
European natural gas prices jumped last week after state-owned Egyptian General Petroleum Corp. (EGPC) bought 20 liquefied natural gas cargoes for delivery from October to December at a reported premium over Dutch Title Transfer Facility (TTF) prices.
“The 20 cargoes of LNG recently bought reflects the depth of Egypt’s energy woes since it is the first time the country has issued a tender to buy to cover winter demand since 2018,” Middle East Institute’s Li-Chen Sim, a non-resident scholar, said.
