Egypt deal to net $40m/year says Norway firm
Oslo, May 12, 2014
The deal between Egypt and Norway's Hoegh for the supply of a floating terminal to import liquefied natural gas will generate earnings before interest, depreciation and amortisation of some $40 million per year for Hoegh, the firm said on Monday.
"The ... contract (is) expected to generate an average annual EBIDA of around $40 million," Hoegh said in the statement. "EBIDA is after local Egyptian tax expected to be paid under the contract."
Operations will start in the third quarter of this year, it said.
The Egyptian oil ministry announced the five-year deal earlier on Monday. – Reuters