Oil Egypt accountACCOUNT King Tut

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

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

Share |
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

Egypt >>  8/1/2019 - Shares in Egypt’s Qalaa Holdings, one of the country’s largest investment companies, fell by nearly 10% on Wednesday after it said that its stake in a...
Egypt >>  7/31/2019 - Israel’s anti-trust regulator gave the partners in the Tamar and Leviathan natural gas fields a green light to buy into an export pipeline to Egypt, a...

Egypt >>  7/26/2019 - Egypt's Ministry of Petroleum and Mineral Wealth and Ministry of Electricity and Renewable Energy signed with the US Department of Energy a memorandum...
Egypt >>  7/23/2019 - Belayim Petroleum Company (Petrobel) has successfully achieved a natural gas discovery in the Nile Delta concession area, which is currently being put...

Egypt >>  7/23/2019 - Eni announces that production from South West Meleiha Development Lease, located in the Egyptian Western Desert, some 130 Km North of the oasis of Siw...
Egypt >>  7/23/2019 - In early 2018, Wintershall Dea announced the start of an extensive work program in all own-operated Egyptian assets. The company is currently investin...

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us