{"id":567642,"date":"2020-12-02T04:04:26","date_gmt":"2020-12-02T04:04:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions\/"},"modified":"2020-12-02T04:04:26","modified_gmt":"2020-12-02T04:04:26","slug":"damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions\/","title":{"rendered":"Damietta LNG plant could reopen in 1Q, boosting our East Med hub ambitions"},"content":{"rendered":"

<\/a> Damietta LNG plant could reopen early next year after Eni, Naturgy seal agreement: <\/strong>Italian energy giant Eni has reached an agreement with the Egyptian government and its Union Fenosa Gas (UFG) partner Naturgy to finally re-open the Damietta LNG plant by the end of 1Q2021 after an eight-year hiatus, Eni said in a statement<\/a> yesterday. The pact will see Naturgy leave UFG and its stake in the plant redistributed among Eni and its Egyptian state-owned partners the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Company (EGPC).<\/p>\n

Who gets what?<\/strong> Under the new agreement, Eni will own 50% of the plant, and state-owned EGAS will hold 40% and EGPC the remaining 10%. Eni will also take over the contract for the purchase of natural gas for the plant and will receive corresponding liquefaction rights, the statement said.<\/p>\n

You\u2019re not wrong to think this all sounds familiar: <\/strong>An earlier attempt to reach an agreement fell through in April<\/a>, despite a preliminary agreement having been reached a month earlier<\/a>. Naturgy said at the time that a series of unspecified conditions were not met and, crucially, the reopening of the plant was stalled because of covid-19 restrictions on business operations, a source familiar with the matter told Reuters<\/a>.<\/p>\n

Why does the Damietta LNG plant matter?<\/strong> The Damietta plant is a key part of Egypt\u2019s strategy to increase its natural gas exports and emerge as the Eastern Mediterranean\u2019s premier energy hub. Closed since 2012, the plant\u2019s reopening would boost Egypt\u2019s ability to export natural gas to European markets.<\/p>\n

Naturgy will receive cash payments adding up to around USD 600 mn<\/strong>, as well as most of UFG\u2019s assets outside of Egypt, excluding its commercial activities in Spain, Naturgy said in a statement<\/a>on Tuesday. Once the plant restarts operations in 1Q2021, Naturgy will depart Egypt and end its JV with Eni.<\/p>\n

What to watch for next: <\/strong>Quiet confirmation that the Spanish firm has dropped its USD 2 bn<\/a>international arbitration case<\/a> against Egypt dating back to the 2012 shut-off of gas to the plant amid the challenges of the early post-revolution period.<\/p>\n

Advisors:<\/strong> Ernst & Young and Matouk Bassiouny & Hennawy represented UFG, Riad & Riad and CMS represented Eni, and Zaki Hashem and Shearman & Sterling represented EGAS.<\/p>\n","protected":false},"excerpt":{"rendered":"

Damietta LNG plant could reopen early next year after Eni, Naturgy seal agreement: Italian energy giant Eni has reached an agreement with the Egyptian government and its Union Fenosa Gas (UFG) partner Naturgy to finally re-open the Damietta LNG plant by the end of 1Q2021 after an eight-year hiatus, Eni said in a statement yesterday. […]<\/p>\n","protected":false},"author":1,"featured_media":567643,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[7135,557,3604,93,197,72,3692,91,4272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-egas","tag-egyptian-general-petroleum-corporation","tag-egyptian-natural-gas-holding-company","tag-energy","tag-eni","tag-enterpriseam","tag-naturgy","tag-oil-and-gas","tag-union-fenosa-gas","wpautop","entry"],"acf":{"mongo_id":"a2b2645b-2a0e-47c8-bcf7-c3bc35d5d40a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/42.jpg","photo_position":"above","related_issue":[567636],"teaser":"","voice_url":""},"yoast_head":"\nDamietta LNG plant could reopen in 1Q, boosting our East Med hub ambitions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Damietta LNG plant could reopen in 1Q, boosting our East Med hub ambitions\" \/>\n<meta property=\"og:description\" content=\"Damietta LNG plant could reopen early next year after Eni, Naturgy seal agreement: Italian energy giant Eni has reached an agreement with the Egyptian government and its Union Fenosa Gas (UFG) partner Naturgy to finally re-open the Damietta LNG plant by the end of 1Q2021 after an eight-year hiatus, Eni said in a statement yesterday. 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An agreement reached\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/174.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575284,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/","url_meta":{"origin":567642,"position":1},"title":"UFG, Egypt revive talks to reopen Damietta LNG facility","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"Could we finally be approaching the end of the Damietta LNG saga? Talks have resumed between Union Fenosa Gas (UFG) and the Madbouly government that could potentially see the Damietta LNG plant reopen after eight years of inactivity, S&P Global reports, citing an Eni spokesperson. After a collapse in negotiations\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569585,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/","url_meta":{"origin":567642,"position":2},"title":"Spanish Naturgy will be pulling out of the Damietta LNG plant","author":"enterpriseam admin","date":"1 March 2020","format":false,"excerpt":"Spain\u2019s Naturgy is pulling out of its Egypt operations, allowing liquefaction operations at Damietta LNG plant to begin again: Italy\u2019s Eni and Spain\u2019s Naturgy have reached an agreement with the Egyptian government that will see Naturgy exit Union Fenosa Gas (UFG), its joint venture with Eni, according to statements from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564726,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/project-bring-damietta-lng-back-to-life-to-fully-ratchet-up-on-15-march\/","url_meta":{"origin":567642,"position":3},"title":"Project \u201cbring Damietta LNG back to life\u201d to fully ratchet up on 15 March","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"EXCLUSIVE- Dispute that put Damietta LNG in a coma to end next month: It seems possible that the plant will be making regular scheduled shipments starting from next month, as a final agreement to establish a new ownership structure for the Damietta LNG plant is due to be finalized on\u2026","rel":"","context":"In "SPEED ROUND: ENERGY"","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/495.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570981,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution\/","url_meta":{"origin":567642,"position":4},"title":"Breakdown in Naturgy, Eni and EGPC Damietta dispute resolution","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"DISPUTE WATCH- The resolution of a long-simmering dispute over a shuttered Damietta LNG plant has fallen apart despite an agreement reached last month, according to a cabinet statement. Parties to the dispute include Spanish gas firm Naturgy Energy Group, Italy\u2019s Eni, and the Egyptian government. Why does this matter? First,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599834,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/13\/egypt-in-talks-with-ugs-to-drop-usd-2-bn-arbitration-claim-over-damietta-liquefaction-plant\/","url_meta":{"origin":567642,"position":5},"title":"Egypt in talks with UGS to drop USD 2 bn arbitration claim over Damietta liquefaction plant","author":"enterpriseam admin","date":"13 January 2019","format":false,"excerpt":"Egypt is in talks with Spanish-Italian JV Union Fenosa Gas (UGS) in a bid to have the European outfit drop its arbitration claim over gas supply interruptions at the Damietta liquefaction plant, an industry source tells the domestic press. The World Bank\u2019s International Centre for Settlement of Investment Disputes ordered\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567642"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567642\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567643"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567642"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567642"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}