Meeting of Honorato Lopez Isla of Union Fenosa with Egypt’s Minister of petroleum Eng. Sameh Fahmy

Source: www.oilegypt.com 6/1/2004, Location: Africa

Cairo – June 1, 2004 - Honorato Lopez Isla vice president and CEO of Union Fenosa met yesterday with Egypt’s Minister of petroleum Eng. Sameh Fahmy to discuss the Union Fenosa LNG project development to date.

After the meeting the minister declared that the project will be inaugurated by November 2004 and the first LNG shipment to Spain will be in the second half of December 2004.

Damietta LNG project total investment is $1.3 billion. Egypt has 20% shares in the project while Union Fenosa Gas (50% Union Fenosa of Spain and 50% Eni of Italy) has 80% shares.

The first LNG train is designed to process 7.56 bcma of natural gas to produce 4.8 million tones of LNG annually. The export jetty is equipped to load 1 vessel every 5 day with 140 cubic meters.



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