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Italian giant Eni settles Egyptian LNG dispute


PAY OUT
Union Fenosa in 2018 was awarded US$2 billion by the World Bank s International Center for Settlement of Investment Disputes in 2018 but the outstanding issues were only resolved in a new dispute settlement agreement last December, reported S&P Global Platts.
Under the deal, which Eni on Wednesday revealed had closed, Damietta LNG operator SEGAS will have a new shareholding – Eni on 50%, state-owned Egyptian Natural Gas Holding Company with 40% and Egyptian General Petroleum Corporation having 10%.
SEGAS’ Damietta liquefaction project, with annual capacity of 7.56 billion cubic metres of gas, had been idle since November 2012 before restarting production in recent weeks.
The first LNG cargo was exported on 22 February, followed by a second cargo on 4 March, while a third, which is currrently being loaded, will be sold directly by Eni to its customers in Europe. ....

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Egypt: Eni closes agreement with partners for restart of Damietta LNG plant


Egypt: Eni closes agreement with partners for restart of Damietta LNG plant
11 Mar 2021
Eni has closed the agreement signed last December with the Arab Republic of Egypt (ARE), the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and the Spanish company Naturgy that will
restart the Damietta liquefaction plant in Egypt, settle Union Fenosa Gas and SEGAS s outstanding disputes with EGAS and ARE, and effect a corporate restructuring of Union Fenosa Gas, whose assets have been divided between Eni and Naturgy, as well as of SEGAS which will now be owned 50 percent by Eni, 40 percent by EGAS and 10 percent by EGPC. ....

Arab Republic Of Egypt , Petroleum Corporation , Union Fenosa Gas , Union Fenosa Ga , Egyptian Natural Gas Holding Company , Arab Republic , Egyptian General Petroleum Corporation , East Mediterranean , E Ampp News , Oil And Gas Exploration , Exploration And Production , Energy Pedia , Geological And Geophysical , Alternative Energy , Heavy Oil , Oil And Gas Condensate , Licence Round , Oil And Gas Ministry , Oil Companies , அரபு குடியரசு ஆஃப் எகிப்து , பெட்ரோலியம் நிறுவனம் , எகிப்தியன் இயற்கை வாயு வைத்திருத்தல் நிறுவனம் , அரபு குடியரசு , எகிப்தியன் ஜநரல் பெட்ரோலியம் நிறுவனம் , கிழக்கு மத்திய தரைக்கடல் , ஏ அம்ப்ப செய்தி ,