Industry puzzled by Egypt-Qatar gas import joint venture plans

Issue 244 - 29 Nov 2012
Plans for a joint venture between leading Cairo-based private equity company Citadel Capital and Qatar Islamic Bank-backed investment company QInvest to build regasification facilities and import gas for Egypt’s domestic market have caused a degree of puzzlement in the industry. A 22 November statement from Citadel does not explain where the gas will come from or how the infrastructure and gas will be paid for. It says Citadel, QInvest and a group of Qatari investors will form a joint venture to “construct and own the facilities required to position a floating LNG storage and regasification unit (FSRU) at a location in Egypt to deliver natural gas to high-volume end-users”.

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