Thursday 27 Feb 2020
Italy’s Eni and Spain’s Naturgy have reached an agreement with Egypt to resolve a series of disputes over the Damietta gas liquefaction plant in northern Egypt, paving the way for the facility to restart by June, the Egyptian Ministry of Petroleum and Mineral ressoruces and the companies said on Thursday.
The agreement will end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and state-owned Egyptian firms will increase their holdings in the Damietta plant.
The facility, which has a capacity of 7.56 billion cubic meters per year, has been idle since the end of 2012 when a popular uprising hit gas supplies in Egypt and the government was forced to import gas to meet domestic demand.
Italy’s Eni and Spain’s Naturgy have reached an agreement with Egypt to resolve a series of disputes over the Damietta gas liquefaction plant in northern Egypt, paving the way for the facility to restart by June, the Egyptian Ministry of Petroleum and Mineral ressoruces and the companies said on Thursday.
The agreement will end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and state-owned Egyptian firms will increase their holdings in the Damietta plant.
The facility, which has a capacity of 7.56 billion cubic meters per year, has been idle since the end of 2012 when a popular uprising hit gas supplies in Egypt and the government was forced to import gas to meet domestic demand.
