El Paso Signs MOU with Egyptian Natural Gas
El Paso Global LNG, a subsidiary of El Paso Corporation has signed a Memorandum of Understanding (MOU) to work with the Egyptian Natural Gas Holding Company (EGAS) and the Eqyptian General Petroleum Corporation (EGPC) to investigate opportunities for El Paso to invest in the natural gas sector in Egypt. The MOU will allow the parties to cooperate in the exploration, production, gathering, transportation, and processing of natural gas and the possible development of a liquefied natural gas (LNG) liquefaction plant in Egypt. The parties will begin various studies into Egypt's natural gas sector immediately.
"With this MOU, El Paso continues to develop options in our growing LNG business, and obtaining LNG supply from this part of the world would be a strategic fit for our global LNG supply and market portfolio," said Ralph Eads III, president of El Paso Merchant Energy Group.
El Paso Global LNG is responsible for the advancement of LNG opportunities, including the development of LNG regasification terminals, shipping assets, and LNG supply resources worldwide. The El Paso Corporation model -- strong in assets, market expertise, valuation skills, and risk discipline -- has proven itself year after year, resulting in a company with both financial strength and a reputation for integrity. El Paso has core businesses in natural gas production, gathering and processing, and transmission, as well as in international project development, energy financing, power generation, liquefied natural gas transport and receiving, and merchant energy services. The company is committed to developing new energy sources and technology to supply energy to communities around the world.