New Fortress Energy Inc. (NFE) has seen its stock rise following the announcement of a significant 10-year charter agreement with the Egyptian Natural Gas Holding Co (EGAS). The agreement involves the deployment of the floating storage and regasification unit (FSRU) Energos Eskimo at EGAS’s LNG import terminal in Ain Sokhna, Egypt, starting in mid-2025. This strategic partnership is part of NFE's broader efforts to expand its LNG infrastructure and enhance energy access in the Middle East, aligning with Egypt's goals to strengthen its LNG import capabilities.
The Energos Eskimo, with a capacity of 160,000 cubic meters, has been operational in Jordan since 2015 and will continue to be utilized there until the end of its current charter in 2025. This collaboration with EGAS highlights NFE's commitment to supporting regional energy needs and underscores the company's strategic initiatives in the LNG sector.
New Fortress Energy's stock is up 2.82% pre-market, trading at $13.50 as of 6:00 am on December 13, 2024, compared to the previous close of $13.13.