According to people familiar with the matter, the soaring temperature in Egypt and the peak of electricity consumption in summer have prompted the country's energy companies to buy immediate delivery of liquefied natural gas. Egypt's national energy company, Egyptian General Petroleum, has locked in the August delivery of goods previously tendered and purchased several additional batches of goods from existing suppliers. Egypt was previously an LNG exporter, but as domestic production declines and consumption exceeds supply, the country is increasingly dependent on the global LNG market. Meanwhile, the conflict involving Iran has restricted transportation in the Strait of Hormuz, which has led to a tightening of goods available in the market, further increasing the purchasing pressure on Egypt.

According to people familiar with the matter, the soaring temperature in Egypt and the peak of electricity consumption in summer have prompted the country's energy companies to buy immediate delivery of liquefied natural gas. Egypt's national energy company, Egyptian General Petroleum, has locked in the August delivery of goods previously tendered and purchased several additional batches of goods from existing suppliers. Egypt was previously an LNG exporter, but as domestic production declines and consumption exceeds supply, the country is increasingly dependent on the global LNG market. Meanwhile, the conflict involving Iran has restricted transportation in the Strait of Hormuz, which has led to a tightening of goods available in the market, further increasing the purchasing pressure on Egypt.