Egypt likely to sign over Qatar's LNG gift to foreign firms

Egypt: The Qatari gift of five natural gas cargoes to Egypt is likely to be signed over to the foreign partners in Egyptian export plants, GDF Suez and BG Group, as compensation for declining exports, Reuters has reported. According to talks held last week, GDF Suez is to take delivery of three liquefied natural gas (LNG) cargoes in Europe while BG Group will send two shipments to Asia, a source at one of the companies said. “The decision-making process is taking longer than expected due to the situation in Egypt,” the source said, referring to last week’s military-backed overthrow of Mohamed Mursi. “There is also a question mark over whether leadership changes in Qatar could delay or suspend the deal,” the source said of the recent power transfer in the Gulf country. []

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