The delivery is the partners' first cargo commitment under a five-year sale and purchase agreement signed with ALTCO and BG Gas Marketing Ltd (BGGM). Under the agreement, ALTCO and BGGM will on a 50:50 basis lift 1.45 million tonnes of LNG annually from the Damietta LNG Complex in Egypt, owned by Spanish Egyptian Gas Company (SEGAS). The plant receives its feed gas from the West Delta Deep Marine (WDDM) Concession Area under a separate five-year processing agreement it reached with Egyptian Natural Gas Company Holding (EGAS). PETRONAS has a 50 per cent working interest in the WDDM Concession Area, about 140 kilometers away from the LNG Complex.
The LNG was loaded into an ALTCO's vessel at the Complex last Friday. The cargo is among the first batch of LNG shipments from Egypt and marks the product's first export by PETRONAS and its partners from the country.
PETRONAS, which first entered Egypt in 2001 through a joint venture with Shell in the North Mediterranean Deep Water (NEMED) block, is an active player in the country's upstream and downstream oil and gas activities. It has a strategic interest in the Egyptian LNG Project (ELNG) in partnership with BG, EGPC and EGAS. The ELNG project comprises the development and operation of LNG liquefaction plant and related infrastructure at Idku, approximately 50 kilometers east of Alexandria. The first of the plant's two trains is expected to come on stream middle of this year.
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