Oil & Gas

New Fortress Energy Inc., through one of its subsidiaries, has signed a five-year agreement with the Egyptian Natural Gas Holding Company (EGAS) for the deployment of the Energos Winter, a 138,250 m³ floating storage and regasification unit (FSRU). The FSRU will be stationed at EGAS’ LNG import terminal in Damietta, Egypt, and is expected to begin operations as early as August this year. This marks New Fortress Energy’s second FSRU in Egypt, following the earlier deployment of the Energos Eskimo.

The agreement strengthens the strategic partnership between New Fortress Energy and EGAS, aiming to enhance Egypt’s energy infrastructure and ensure a secure supply of natural gas. Chris Guinta, Chief Financial Officer of New Fortress Energy, expressed enthusiasm about the deal, stating it aligns with the company’s mission of delivering reliable and cost-effective energy solutions globally. The FSRU deployment also supports Egypt’s energy goals during periods of high demand, especially in the summer months.

Yasseen Mohamed, Executive Managing Director of EGAS, highlighted the importance of the new agreement in maintaining energy security for Egypt. He emphasized that the deployment of the Energos Winter would significantly contribute to the country's natural gas regasification capacity, ensuring a stable and sufficient energy supply. This second Regasification Service Agreement marks a deepening of the long-standing collaboration between EGAS and New Fortress Energy.

New Fortress Energy is a global energy infrastructure company focused on addressing energy poverty and accelerating the shift to cleaner energy sources. The company operates a vertically integrated portfolio that includes natural gas and LNG infrastructure, shipping, and logistics assets. Its growing network of global projects underscores its commitment to energy security, economic development, and environmental sustainability, especially in emerging markets where access to affordable and reliable energy remains a challenge.