New Fortress Energy Inc, through one of its subsidiaries, has signed a five-year agreement for the deployment of the Energos Winter, a 138,250 m³ floating storage and regasification unit (FSRU).
The agreement marks a significant step in New Fortress Energy’s continued expansion into key liquefied natural gas (LNG) markets and reinforces its growing presence in the Eastern Mediterranean.
The company is working in partnership with the Egyptian Natural Gas Holding Company (EGAS) to support Egypt’s LNG infrastructure and energy import capabilities.
Under the terms of the deal, the Energos Winter will be stationed at EGAS’s LNG import terminal in Damietta, on Egypt’s northern coast.
This deployment represents New Fortress Energy’s second FSRU operating in Egypt.
The Energos Winter is expected to join the Energos Eskimo, which is already in service in the country, as early as August this year.
The addition of a second unit is anticipated to enhance EGAS’s import capacity and improve energy security for Egypt and the surrounding region.
“We are pleased to reinforce our relationship with EGAS by way of our deployment of a second FSRU to Egypt. This deal enhances NFE’s goals of providing reliable and cost-effective energy across the globe,” said Chris Guinta, CFO of New Fortress Energy.
“EGAS is pleased to strengthen its long-standing partnership with New Fortress Energy through the execution of a second Regasification Service Agreement. Under this agreement, NFE’s second FSRU, Energos Winter, will provide regasification services at the Damietta terminal, contributing to the security of natural gas supply for the Arab Republic of Egypt over the next five years,” said Yasseen Mohamed, executive managing director of EGAS.
New Fortress is a global energy infrastructure company which develops, owns, and operates a range of natural gas and LNG infrastructure, supported by an integrated fleet of vessels and logistics assets. Earlier this year, the company announced multiple agreements to supply gas to the Carribean region such as the Dominican Republic, Jamaica and Puerto Rico.
