• Egypt seeks 15 to 18 LNG cargoes monthly for at least three years, sources say
  • Deals could cost $8 billion to $11 billion a year, Reuters calculations show
  • Import bill nearly tripled to $1.65 billion in March for unchanged volumes

LONDON/CAIRO, July 21 (Reuters) – Egypt is in talks with energy majors including Shell SHEL.L, TotalEnergies TTEF.PA and BP BP.L to buy 15 to 18 cargoes of liquefied natural gas per month for at least three years, three trading and industry sources familiar with the matter told Reuters.

The talks come as Egypt’s domestic production struggles to keep pace with rising demand and as global LNG markets remain tight during the Iran conflict, which has curtailed shipping through the Strait of Hormuz and increased competition among buyers seeking to secure supplies.

Two of the sources said talks are ongoing with companies including Shell, TotalEnergies, BP and commodities trader Hartree Partners.

There is “a strong will to work with Americans”, a third source said.

The duration of the deals could be three to five years, but they are yet to be finalised, the sources added.

Egypt’s petroleum ministry, Shell, TotalEnergies and BP did not immediately respond to a Reuters request for comment. Hartree Partners declined to comment.