{"id":570981,"date":"2020-04-26T04:01:15","date_gmt":"2020-04-26T04:01:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution\/"},"modified":"2020-04-26T04:01:15","modified_gmt":"2020-04-26T04:01:15","slug":"breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution\/","title":{"rendered":"Breakdown in Naturgy, Eni and EGPC Damietta dispute resolution"},"content":{"rendered":"

<\/a> DISPUTE WATCH- The resolution of a long-simmering dispute over a <\/strong>shuttered Damietta LNG plant has fallen apart<\/strong> despite an agreement<\/a> reached last month, according to a cabinet statement<\/a>. Parties to the dispute include Spanish gas firm Naturgy Energy Group, Italy\u2019s Eni, and the Egyptian government.<\/p>\n

Why does this matter? <\/strong>First, the dispute was closely followed by investors in Egypt\u2019s energy sector, though that concern was largely swept away as the Sisi administration reached a settlement with all parties. More importantly, the Damietta plant is a key part of Egypt\u2019s strategy to grow its natural gas exports as it emerges as the Eastern Mediterranean\u2019s premier energy hub. The plant has been closed since 2012, when supply of gas was shut off amid disruptions in the wake of the political events of the previous year. Its reopening would have expanded Egypt\u2019s ability to export natural gas to European markets.<\/p>\n

What happened? <\/strong>A number of unspecified conditions outlined in the agreement remain unmet, Naturgy said in a Madrid bourse statement (Spanish) (pdf)<\/a>. Chief among them, it seems, is that the reopening of the LNG plant has stalled because of covid-19 restrictions on business operations, a source familiar with the matter<\/a> told Reuters.<\/p>\n

Naturgy will now resume its claim in a <\/strong>USD 2 bn arbitration case<\/a><\/strong> against the Egyptian government but says it is still open to an \u201camicable\u201d settlement. The World Bank\u2019s International Center for Settlement of Investment Disputes had already ruled in Naturgy\u2019s favor in the case in 2018.<\/p>\n

What was the latest before things fell apart?<\/strong> Eni and Naturgy had reached an agreement last<\/a>month<\/a> with the Egyptian government that would have seen Naturgy exit Union Fenosa Gas (UFG), its joint venture with Eni. Naturgy would have taken USD 600 mn for most of UFG\u2019s assets outside Egypt and its equity in the Damietta LNG, with the equity passing to the remaining stakeholders in the plant. Following Naturgy\u2019s exit, the plant would be 50% owned by Eni, 40% by Egyptian Natural Gas Holding Co. (EGAS) and 10% by the Egyptian General Petroleum Company (EGPC).<\/p>\n

S&P Global Platts Analytics had long been pessimistic<\/strong> about restarting operations at the Damietta plant, even if Eni were to find an export market for its Zohr gas production, it said<\/a>. It argued that the global gas glut had made it increasingly complicated to negotiate the terms between Eni and EGAS on the utilization of the plant. \u201cThe breakdown of the [agreement] further bolsters our view that it's highly unlikely that Damietta will see a 2020 restart,\" Platts Analytics LNG analyst Samer Mosis said.<\/p>\n

Meanwhile, Eni is planning to cut back spending across its footprint <\/strong>after it reported a 94%<\/a>drop in 1Q2020 profits<\/a>to EUR 59 mn as demand collapsed thanks to the covid-19 pandemic. The energy giant will slash its capital expenditure across its markets by a further 30% after it cut spending plans in March and canceled a EUR 400 mn share buyback. The company will slash its exploration and production budget with cuts in Egypt, the UAE, and Indonesia<\/strong> (as well as oil fields in Iraq and LNG projects in Angola), CEO Claudio Descalzi said on a conference call, according to Bloomberg<\/a>.<\/p>\n

Eni had increased its investment in its JV Agiba <\/strong>in March<\/a><\/strong> by USD 60 mn to USD 430 mn to increase exploration and development operations in the Western Desert and the Gulf of Suez this year. It was also set to begin commercial operations on the Zohr natural gas field\u2019s 15th well last month, Oil Minister Tarek El Molla said in February<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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, the dispute was closely followed […]<\/p>\n","protected":false},"author":1,"featured_media":570982,"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":[107,557,197,72,336,4983,91,537,2380,4396],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-egyptian-general-petroleum-corporation","tag-eni","tag-enterpriseam","tag-italy","tag-naturgy-energy-group","tag-oil-and-gas","tag-spain","tag-speed-round","tag-zohr-field","wpautop","entry"],"acf":{"mongo_id":"9e851278-c9cd-40f6-a617-31e96a55f944","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/212.jpg","photo_position":"above","related_issue":[570976],"teaser":"","voice_url":""},"yoast_head":"\nBreakdown in Naturgy, Eni and EGPC Damietta dispute resolution - 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\/04\/26\/breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Breakdown in Naturgy, Eni and EGPC Damietta dispute resolution\" \/>\n<meta property=\"og:description\" content=\"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. 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According to the source, the ministry\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":[]},{"id":569585,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/","url_meta":{"origin":570981,"position":1},"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":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":570981,"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":567858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/damietta-lng-exports-could-be-ready-by-1q2021\/","url_meta":{"origin":570981,"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 "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":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":570981,"position":4},"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":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":570981,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570981","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=570981"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570981\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570976"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570982"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570981"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570981"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}