{"id":568677,"date":"2020-01-30T04:22:53","date_gmt":"2020-01-30T04:22:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/damietta-lng-plant-operator-union-fenosa-gas-still-wants-its-usd-2-bn\/"},"modified":"2020-01-30T04:22:53","modified_gmt":"2020-01-30T04:22:53","slug":"damietta-lng-plant-operator-union-fenosa-gas-still-wants-its-usd-2-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/damietta-lng-plant-operator-union-fenosa-gas-still-wants-its-usd-2-bn\/","title":{"rendered":"Damietta LNG plant operator Union Fenosa Gas still wants its USD 2 bn"},"content":{"rendered":"<p><strong>DISPUTE WATCH- The Damietta plant probably isn\u2019t going to be opening in a few weeks: <\/strong>The dispute between the Egyptian government and Damietta LNG plant operator Union Fenosa Gas (UFG) doesn\u2019t seem close to ending, after the joint venture restated its demands for a USD 2 bn settlement, according to <a href=\"https:\/\/www.law360.com\/articles\/1238244\/spanish-gas-co-wants-to-move-ahead-with-2b-egypt-award\">reporting by Law360<\/a>. UFG reportedly stated during testimony in a Washington DC federal court on Monday that there stands \u201cno conceivable justification for Egypt to continue ignoring\u201d the award.<\/p>\n<p><strong>The development came less than a week after the court re-launched proceedings which had been suspended since January 2019<\/strong> when Egypt had reportedly attempted to get the multi-bn settlement annulled. UFG is now asking the court to set out a timetable by which Egypt will need to respond to its complaint. All of this is making Oil Minister Tarek El Molla\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3480fc15-610a-4425-aa1c-9537c13ddcf7\">claims last week<\/a> that the plant could open in a few weeks seem a little ambitious.<\/p>\n<p><strong>The Spanish-Italian joint venture has long been in dispute with the Egyptian government<\/strong> over the Damietta LNG award and has been seeking compensation from the government since the latter cut gas supplies to the Damietta plant in 2012. Tensions rose prompting international arbitration that resulted in the World Bank\u2019s International Center for Settlement of Investment Disputes order the government pay a USD 2 bn settlement to UFG. <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/28\/eni-naturgy-jv-looking-to-re-launch-operations-at-damietta-lng-facility-in-2019\/\">Talk of resuming the venture<\/a> and out of court settlements in the form of <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\">new gas shipments<\/a> were floated but none have effectively taken place according to UFG\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/20\/union-fenosa-denies-agreement-with-egypt-over-damietta-lng-plant\/\">prior statements<\/a> and current testimony.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- The Damietta plant probably isn\u2019t going to be opening in a few weeks: The dispute between the Egyptian government and Damietta LNG plant operator Union Fenosa Gas (UFG) doesn\u2019t seem close to ending, after the joint venture restated its demands for a USD 2 bn settlement, according to reporting by Law360. UFG reportedly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":568678,"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":[8572],"tags":[957,72,91,2380,10236,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-dispute-watch","tag-enterpriseam","tag-oil-and-gas","tag-speed-round","tag-union-fenosa","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"e281ee54-5cc8-4127-bea3-43547836623a","is_powered_by":true,"section_story_id":"ec10025b-169b-47c4-a0b7-a14f8b6618ee","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/767.jpg","photo_position":"above","related_issue":[568659],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Damietta LNG plant operator Union Fenosa Gas still wants its USD 2 bn - 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\/01\/30\/damietta-lng-plant-operator-union-fenosa-gas-still-wants-its-usd-2-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Damietta LNG plant operator Union Fenosa Gas still wants its USD 2 bn\" \/>\n<meta property=\"og:description\" content=\"DISPUTE WATCH- The Damietta plant probably isn\u2019t going to be opening in a few weeks: The dispute between the Egyptian government and Damietta LNG plant operator Union Fenosa Gas (UFG) doesn\u2019t seem close to ending, after the joint venture restated its demands for a USD 2 bn settlement, according to reporting by Law360. 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The Damietta liquefaction plant will reopen by the end of 3Q2019 after being offline for the past six years, an unnamed oil industry source tells Youm7. The facility, which produces around 5 mn tonnes of liquefied natural gas per year when\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":597603,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/damietta-lng-facility-to-work-at-full-capacity-in-4q2019\/","url_meta":{"origin":568677,"position":1},"title":"Damietta LNG facility to work at full capacity in 4Q2019","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"The Damietta LNG facility will be operating at its full capacity of 5 mn tonnes a year in 4Q2019, an unnamed industry official told Youm7. Italy\u2019s Eni saidearlier this month that it is in talks over the LNG facility in Damietta and expected that it should begin operations \u201csoon this\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":568677,"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 &quot;Speed Round&quot;","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":567858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/damietta-lng-exports-could-be-ready-by-1q2021\/","url_meta":{"origin":568677,"position":3},"title":"Damietta LNG exports could be ready by 1Q2021","author":"enterpriseam admin","date":"9 December 2020","format":false,"excerpt":"We could be seeing our first LNG exports out of Damietta by 1Q2021, soon after Eni and its state-owned partners the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Company (EGPC) reopen the long-dormant terminal, Youm7 reports, citing unnamed officials in the oil industry. An agreement reached\u2026","rel":"","context":"In &quot;Energy&quot;","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":601144,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/union-fenosa-denies-agreement-with-egypt-over-damietta-lng-plant\/","url_meta":{"origin":568677,"position":4},"title":"Union Fenosa denies agreement with Egypt over Damietta LNG plant","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"DISPUTE WATCH- The Damietta LNG plant may not be reopening in April after all: Damietta LNG plant operator Union Fenosa Gas (UFG) poured cold water on reports this week that the facility will be reopened in April. An Oil Ministry source claimed this week that UFG, 50-50 owned by Union\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"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":568677,"position":5},"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 &quot;SPEED ROUND: ENERGY&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568677","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=568677"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568677\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568678"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568677"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568677"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}