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LNG: Egypt’s EGPC Cancels Prompt LNG Buy Tender: Platts

LNG
Bullet

Egypt’s EGPC cancelled a prompt buy tender for Oct. 10-11 delivery into Jordan’s Aqaba terminal, sources told Platts.

  • EGPC cancelled the tender Oct. 9, likely because it only received a few offers, thought to be priced above $14/MMBtu.
  • Platts estimates delivery into Egypt at current market levels to be around $13.40/MMBtu.
  • The prompt delivery for the cargo made market participants wary of interest in the tender as few suppliers could make the delivery on time. The cargo would have already been in the East Med to arrive within the delivery period.
  • The increase in Middle East tensions has also boosted the risk premium for delivery into Jordan, raising prices.
  • EGPC previously awarded its 20-cargo tender for Q4 delivery Sep. 12 at TTF plus $1.5-$1.6/MMBtu.
  • Traders expect Egypt to purchase volumes for Q1 2025 amid low gas production.
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Egypt’s EGPC cancelled a prompt buy tender for Oct. 10-11 delivery into Jordan’s Aqaba terminal, sources told Platts.

  • EGPC cancelled the tender Oct. 9, likely because it only received a few offers, thought to be priced above $14/MMBtu.
  • Platts estimates delivery into Egypt at current market levels to be around $13.40/MMBtu.
  • The prompt delivery for the cargo made market participants wary of interest in the tender as few suppliers could make the delivery on time. The cargo would have already been in the East Med to arrive within the delivery period.
  • The increase in Middle East tensions has also boosted the risk premium for delivery into Jordan, raising prices.
  • EGPC previously awarded its 20-cargo tender for Q4 delivery Sep. 12 at TTF plus $1.5-$1.6/MMBtu.
  • Traders expect Egypt to purchase volumes for Q1 2025 amid low gas production.