BP Egypt Signs LNG Framework Agreement for the development of Damietta Train 2

Source: www.oilegypt.com 6/20/2006, Location: Africa

The Egyptian Natural Gas Holding Corporation (EGAS), BP, SEGAS and Eni signed a framework agreement marking a major step forward for the development of the second liquefied natural gas (LNG) export train at the Damietta site on the Egyptian Mediterranean Coast. As well as generating significant foreign currency revenues for Egypt the project will create a large number of new employment opportunities for Egyptian nationals in the Damietta area for both the construction and operation phases.

The agreement puts in place the commercial framework needed to move the project forward to a final investment agreement. It is planned that the project will be supplied by BP and Eni from new gas discoveries offshore in the Nile Delta. As part of the development of these resources for the new LNG plant a comparable amount of gas will be developed for supply to the domestic market in Egypt. As such, the signature of this agreement is a reflection of BPs long-term commitment to make significant investments with its partners in the Nile Delta to explore for and develop new gas discoveries.

Commenting on this milestone, Hesham Mekawi, BP Egypt President, stated: "This agreement marks a significant milestone in the long history of BP in Egypt which dates back over forty years. It expresses our continued commitment to the development of the gas business in Egypt and meeting the growing needs of the domestic market whilst at the same time providing the ability to export gas via LNG to the most attractive international markets."


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