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| The Damietta liquefaction plant in Egypt (Image credit: Union Fenosa Gas) |
Union Fenosa Gas (UFG), owned 50-50 by Spain’s Gas Natural Fenosa and Italy’s Eni, has challenged reports that Egypt’s state gas company EGAS has “won” a case at the International Court of Arbitration in Paris.
Egypt’s petroleum ministry was quoted by Reuters on June 14 as saying that EGAS will not have to pay $270mn plus interest to owners of the Damietta liquefaction plant in relation to a complaint that they lodged in 2013 with the International Chamber of Commerce (ICC), which runs the Paris-based arbitration court. The $270mn plus interest covered contracted capacity at the plant. Egyptian state newspaper Al Ahram also carried the report.
