OREANDA-NEWS. Rosneft Chairman of the Management Board Igor Sechin and Egyptian Natural Gas Holding Company (EGAS) Chairman Khaled Abd El Badee signed a Term Sheet for Rosneft future supplies of liquefied natural gas (LNG) to the Egyptian company.

The document defines key terms of the future cooperation between the companies in the area of LNG supplies.

The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies. In addition the cooperation with EGAS will allow Rosneft to strengthen its position in the global LNG trading market.

The strategic development of the Egyptian gas sector is being overseen by the state-owned Egyptian Natural Gas Holding Company particularly in the fields of upstream operations and logistics, refining and liquefying of natural gas.

Egypt has the highest demand for gas in Africa and is currently actively importing gas for domestic consumption.