CAIRO: Egypt has set up a joint venture shipping company to transport gas and is ordering a new ship that is planned to enter operation by the end of 2007, a senior Egyptian official said on Tuesday. “We are in the process to acquire the ship … We will be having the ship operated, God willing, at the end of 2007, Ibrahim Ahmad, vice-chairman for planning and projects at state-owned Egyptian Natural Gas Holding Co (EGAS), said. Speaking at a gas conference in Cairo, he said the ship would be built in South Korea but did not name the builder. He said EGAS and another state firm, Egyptian Natural Gas Company (GASCO), were among shareholders in the new firm, which he said was called Eagle Gas Shipping Company. He also said a third company was part of the venture. “We want to be in the whole (gas) chain, he said of the plans to set up the shipping firm. Egypt, which has proven gas reserves of 67 trillion cu feet (1.897 trillion cu meters), started exports of liquefied natural gas (LNG) in 2005. LNG is gas super cooled into liquid form so that it can be shipped far beyond areas served by pipelines. Egypt s LNG is currently shipped to countries including the United States, France and Spain. Reuters
Egypt sets up gas shipping firm
