Egypt in talks to buy LNG cargoes

Egypt is negotiating with energy firms and traders to purchase 40-60 liquefied natural gas (LNG) cargoes ahead of peak summer demand, three sources told Reuters. The deals could cost up to $3 billion at current prices, straining state finances amid falling gas output and economic pressures. President Abdel Fattah al-Sisi urged measures to ensure power stability. A source said Egypt also seeks 1 million tons of fuel oil to address the crunch.