{"id":569585,"date":"2020-03-01T05:01:50","date_gmt":"2020-03-01T05:01:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/"},"modified":"2020-03-01T05:01:50","modified_gmt":"2020-03-01T05:01:50","slug":"spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/","title":{"rendered":"Spanish Naturgy will be pulling out of the Damietta LNG plant"},"content":{"rendered":"

<\/a> Spain\u2019s Naturgy is pulling out of its Egypt operations, allowing liquefaction <\/strong>operations at Damietta LNG plant to begin again:<\/strong> 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 Naturgy<\/a> and Eni<\/a>. The agreement will grant Naturgy USD 600 mn for UFG\u2019s assets outside Egypt and its equity in the Damietta LNG plant transferred to the remaining stakeholders in the plant. It will now be 50% owned by Eni, 40% by Egyptian Natural Gas Holding Co. (EGAS) and 10% by the Egyptian General Petroleum Company (EGPC). Reuters<\/a> has the story.<\/p>\n

Arbitration disputes cleared:<\/strong> The agreement puts to bed a legal battle<\/a> that has been waging between UFG and the Egyptian government for more than five years, putting the Damietta LNG liquefaction facility\u2019s 5 mn tonne annual production on pause. Naturgy said the agreement will amicably end the dispute, despite the World Bank\u2019s International Center for Settlement of Investment Disputes ordering the Egyptian government pay a USD 2 bn settlement<\/a> to UFG. Last month<\/a>, those demands were restated in testimony made to a DC court. The cleared dispute now puts the plant on track to begin production again by June 2020<\/strong>, Eni said.<\/p>\n

Restarting operations at Damietta is particularly important now that we have surplus natural gas<\/strong> thanks to several new gas discoveries. Egypt officially became a net exporter of LNG last year, with imports of LNG falling to zero in 2019 and exports amounting to some USD 1.24 bn-worth of LNG, marking a nearly 150% y-o-y increase<\/a>. A USD 15 bn Israeli gas import agreement that was signed in February 2018 and upgraded earlier this year, will see Israel ship more than 85 bcm of gas to Egypt over the next 15 years and the first shipment made its way into Egypt in January<\/a>. Private sector companies will buy the gas shipments from Alaa Arafa\u2019s Dolphinus before deciding whether to liquify and export it via the Damietta and Idku liquefaction plants, or sell it to the domestic market.<\/p>\n

Some skepticism from analysts still lies over pricing:<\/strong> Analysts have cast doubt<\/a> on Egypt\u2019s ability to sell liquefied natural gas (LNG) for USD 5 per mn British thermal units under long-term agreements. Low domestic demand, falling demand in its only pipeline export market Jordan, and the start of gas imports from Israel earlier this month are all contributing to oversupply \u2014 all the while Egypt\u2019s LNG selling point sits higher than global gas prices at the moment, estimated at a value of USD 4.41\/mmBtu by JKM and USD 3.49\/mmBtu by Platts Analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Naturgy and Eni. The agreement […]<\/p>\n","protected":false},"author":1,"featured_media":569586,"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":[7135,557,72,4684,91,2380,132,4272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egas","tag-egyptian-general-petroleum-corporation","tag-enterpriseam","tag-legal-battles","tag-oil-and-gas","tag-speed-round","tag-trade","tag-union-fenosa-gas","wpautop","entry"],"acf":{"mongo_id":"3daaf1d1-c6d5-4930-8f72-36439b986094","is_powered_by":true,"section_story_id":"7d240dc0-8f28-42b9-879c-5d114f19ad0d","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/8.jpg","photo_position":"above","related_issue":[569569],"teaser":"","voice_url":""},"yoast_head":"\nSpanish Naturgy will be pulling out of the Damietta LNG plant - 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\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spanish Naturgy will be pulling out of the Damietta LNG plant\" \/>\n<meta property=\"og:description\" content=\"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 Naturgy and Eni. 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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":623337,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/28\/eni-naturgy-jv-looking-to-re-launch-operations-at-damietta-lng-facility-in-2019\/","url_meta":{"origin":569585,"position":1},"title":"Eni-Naturgy JV looking to re-launch operations at Damietta LNG facility in 2019","author":"enterpriseam admin","date":"28 October 2018","format":false,"excerpt":"Italy\u2019s Eni and its Spanish partner Naturgy are in \u201cadvanced talks\u201d to re-launch operations at their Damietta LNG facility in 2019, Eni\u2019s CFO Massimo Mondazzi said on Friday, according to Reuters. The World Bank\u2019s International Centre for Settlement of Investment Disputes had ordered Egypt to pay USD 2 bn in\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567642,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions\/","url_meta":{"origin":569585,"position":2},"title":"Damietta LNG plant could reopen in 1Q, boosting our East Med hub ambitions","author":"enterpriseam admin","date":"2 December 2020","format":false,"excerpt":"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\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\/42.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":569585,"position":3},"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":575284,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/","url_meta":{"origin":569585,"position":4},"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":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":569585,"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\/569585","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=569585"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569585\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569586"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569585"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569585"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}