Egypt Shifts Focus to LNG, Shuns Millions of Barrels of Oil Cargoes

Egypt decided to forego purchasing more than 2 million barrels of petroleum cargoes after a temporary interruption in gas supplies from Israel. This move came after securing significant amounts of liquefied natural gas (LNG) to help fulfill its electricity generation requirements. The decision highlights Egypt’s strategic shift towards LNG as a key energy source.

Initially, Egypt had issued a tender to acquire…