Egypt to Pay $2B to a Spanish-Italian JV in Gas Dispute

Source: www.gulfoilandgas.com 9/5/2018, Location: Africa

Egypt will pay $2 billion to Union Fenosa Gas Company as a settlement for halting gas supplies to the company’s Damietta LNG plant, according to the World Bank arbitration. Union Fenosa is a joint venture between Italian Eni and Spain’s Naturgy.

Egypt will, more likely, not pay that $2 billion settlement in cash. Egypt will negotiate with the foreign partners in Damietta plant to compensate them in the form of giving up part of Egypt’s export quota in the factory for a specified period, or allowing it to contract on exporting gas produced from Israeli gas fields.

Following the start-up of the giant gas field Zohr, Eni plans to build a pipeline from Zohr to Damietta LNG plant to export part of its share in Zohr production, after obtaining the relevant approval of the Egyptian Ministry of Petroleum.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects


Netherlands/Holland >>  8/1/2022 - Gasunie subsidiary EemsEnergyTerminal has sold the remaining capacity of the LNG terminal in Eemshaven to ENGIE SA who purchased the last 1 billion cu...
Russia >>  7/29/2022 - In the course of its business, the JSC “Latvijas Gaze” purchases natural gas from other suppliers, paying in the EUR currency as required under the re...

United States >>  7/27/2022 - NextDecade Corporation (“NextDecade”) announced the execution of a 20-year sale and purchase agreement (“SPA”) with ExxonMobil LNG Asia Pacific (“EMLA...
India >>  7/26/2022 - Cheniere Energy, Inc. announced that its wholly-owned subsidiary, Corpus Christi Liquefaction, LLC (“CCL”) has entered into a long-term liquefied natu...

Russia >>  7/22/2022 - The volume of total cargo throughput in the port of Rotterdam was 0.8% higher in the first half of the year (233.5 million tonnes) than in the same pe...
China >>  7/20/2022 - A long-term liquefied natural gas ("LNG") sale and purchase agreement ("SPA") has been signed between Cheniere Energy, Inc. ("Cheniere") (LNG) and a s...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.