Egypt's EGAS wins case over gas cuts at LNG plant - REUTERS

LNG plant Damietta

Tue Jun 14, 2016 10:45am GMT

CAIRO, June 14 (Reuters) - The Paris-based International Court of Arbitration has ruled that Egypt's state gas board EGAS will not have to pay a $270 fine related to gas cuts at its foreign-owned liquefied natural gas (LNG) plant, the petroleum ministry said on Tuesday.

The Damietta LNG plant filed a complaint with the International Chamber of Commerce in 2013 alleging that its state partner had failed to comply with contracts by halting gas supplies in 2012 and not making payments.

The plant was demanding EGAS pay $270 million plus interest for contracted LNG capacity.

Egypt's EGAS makes first LNG payments for year -sources - REUTERS

Mon Mar 7, 2016

• First payments since terms extended to 90 days-sources
• Traders estimate EGAS owes $1 billion to LNG suppliers

By Sarah McFarlane and Oleg Vukmanovic

LONDON/MILAN, March 7 Egypt's state-owned EGAS has made its first payments to liquefied natural gas (LNG) suppliers since payment terms for deliveries were extended, trade sources said.

Egypt imports around six to eight cargoes of LNG per month and traders said that until last week EGAS had not paid suppliers since December when it extended payment terms to 90 days from the usual 15 days, due to the country's foreign currency crisis.

EGAS head Khaled Abdel Badie told Reuters his company has made all payments that were due on LNG shipments but did not specify whether these were the first payments this year.

Egypt Skips Gas Bill, Loses LNG Shipment | The Maritime Executive

British Sapphire, image courtesy ATSB

By Reuters 2016-01-21

BP's diversion of a tanker of liquefied natural gas (LNG) away from Egypt due to payment issues is the first sign that the country's currency crisis could be jeopardizing its energy supplies, traders said.

Earlier this month the tanker British Sapphire was diverted to Brazil rather than discharging in Egypt, with the delivery of the LNG cargo for Egypt delayed up until October, traders said.