Confusion surrounds an LNG shipment from BP bound for Egypt. LNG tanker British Sapphire was diverted to Brazil rather than discharging in Egypt earlier this month with traders telling Reuters the switch was due to payment issues, something Egypt’s state-owned EGAS has since denied.
“This is completely untrue,” EGAS chairman Khaled Abdel Badie told Reuters. He said deliveries had been delayed until Egypt’s peak energy consumption period in August.
Egypt took on two floating LNG import terminals in 2015 and has plans to charter a third FSRU this year.
Concern is growing at Egypt’s ability to pay for oil and LNG given its dwindling foreign reserves as tourism receipts have nosedived in the past year.
