(Bloomberg) -- Egypt is poised to import a rare cargo of liquefied natural gas as conflict in the region tightens the market for the fuel.
The tanker Maran Gas Kalymnos, partially laden with LNG, is expected to arrive at the Red Sea port of Ain Sukhna on Friday, tanker-tracking data compiled by Bloomberg show. It’s set to be Egypt’s first import of the super-chilled fuel since July.
The shipment is an indication that Egypt — usually an LNG exporter — is tapping global markets amid domestic shortages. The North African nation typically imports gas via pipeline from Israel, though supplies briefly halted last week amid Israel’s war against Hamas. Egypt’s domestic demand has also surged due to unusually hot weather.
Those factors have led to a shortfall and a suspension of exports. While flows from Israel have now resumed, they’re still about only about 30% of their normal volumes, according to a person familiar with the matter.
Europe only receives a small percentage of its LNG from Egypt. However, the disruption has added to the continent’s overall supply concerns, as a wider conflict in the Middle East could upend global energy markets.
--With assistance from Ruth Liao.
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