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Citadel Capital forms JV to import LNG to Egypt
- Egypt: Saturday, November 24 - 2012 at 00:15
Citadel Capital has announced the signing of an agreement with Qatari investors to import liquefied natural gas (LNG) into Egypt from mid-2013, Reuters has reported. "Egypt is in strong need of additional natural gas to feed the power generation sector and supply Egypt's industrial base," said Citadel Capital chairman, Ahmed Heikal. The joint venture, which will be 51% owned by Qatari investors and investment bank QInvest, would build and own facilities needed for a floating LNG storage and regasification unit (FSRU) to deliver natural gas to high-volume end-users in the North African country from the middle of next year, he said.
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