{"id":575284,"date":"2020-10-11T04:12:36","date_gmt":"2020-10-11T04:12:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/"},"modified":"2020-10-11T04:12:36","modified_gmt":"2020-10-11T04:12:36","slug":"ufg-egypt-revive-talks-to-reopen-damietta-lng-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/","title":{"rendered":"UFG, Egypt revive talks to reopen Damietta LNG facility"},"content":{"rendered":"

<\/a> Could we finally be approaching the end of the Damietta LNG saga? <\/strong>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<\/a> reports, citing an Eni spokesperson. After a collapse in negotiations<\/a> earlier this year, unnamed sources now say that the government has been pushing for \u201caccelerated talks\u201d to bring the facility back online following a five-year legal battle between the government and UFG \u2014 the joint venture between Eni and Spanish Naturgy \u2014 and a hiatus dating back to 2012 when the gas supply was shut off during political turbulence following the 2011 revolution.<\/p>\n

What happened this year?<\/strong> The collapse in what was expected to lead to a breakthrough resolution between Naturgy, Eni, and the Egyptian General Petroleum Corporation (EGPC) came after a number of unspecified conditions outlined in a preliminary agreement<\/a> in February were unmet. Covid-19 is likely a complicating factor<\/a>. The agreement would have seen Naturgy exit its joint venture with Eni and pocket USD 600 mn for most of UFG\u2019s assets outside Egypt.<\/strong> Naturgy\u2019s equity in the facility would have seen the remaining three shareholders increase their stakes: Eni would own 50%, state-owned Egyptian Natural Gas Holding Company (EGAS) would take 40%, and EGPC would hold the remaining 10%. The agreement would have also resolved the USD 2 bn arbitration case<\/a> brought by Naturgy against the government for cutting the gas supply, but the Spanish company U-turned following the collapse of the agreement, saying that it would continue to seek its 50% share of compensation.<\/p>\n

The Damietta facility is a key component of our plan to become a regional natural gas hub:<\/strong> Liquefaction facilities at Idku and Damietta are both at the core of the government\u2019s strategy to export LNG to Europe. Their continued closure presents a roadblock to exporting our natural gas bonanza, let alone to maximizing the potential of Israeli natural gas imports and the arrival of Cypriot natural gas from the Aphrodite field in the coming years.<\/p>\n

LNG exports have collapsed through the pandemic:<\/strong> Egypt has only completed one LNG shipment since the onset of the pandemic as global spot prices collapsed to record lows of just 1.825\/mmbtu in April \u2014 well below Egypt\u2019s breakeven cost of just under USD 5\/mmBtu<\/a>. The situation may be finally beginning to abate: LNG price had risen above the breakeven price to 5.39\/mmbtu as of 8 October, marking a potential opening for resumed exports. Shell and Total just last week<\/a> committed to exporting 30 shipments of natural gas from the Idku liquefaction plant in 2021 worth a combined 4.5 mn cbm.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 earlier this year, unnamed sources […]<\/p>\n","protected":false},"author":1,"featured_media":575285,"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":[211,7135,557,6047,197,72,3392,3692,91,2380,4272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cyprus","tag-egas","tag-egyptian-general-petroleum-corporation","tag-egyptian-national-gas-holding-company","tag-eni","tag-enterpriseam","tag-idku-lng-plant","tag-naturgy","tag-oil-and-gas","tag-speed-round","tag-union-fenosa-gas","wpautop","entry"],"acf":{"mongo_id":"61d78876-de6b-4cf9-a236-cb39e6b3c443","is_powered_by":true,"section_story_id":"f3b6ca2c-4abd-438e-90bc-691dfe2bea84","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/91.jpg","photo_position":"above","related_issue":[575271],"teaser":"","voice_url":""},"yoast_head":"\nUFG, Egypt revive talks to reopen Damietta LNG facility - 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\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UFG, Egypt revive talks to reopen Damietta LNG facility\" \/>\n<meta property=\"og:description\" content=\"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 earlier this year, unnamed sources […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-11T04:12:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/91.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"UFG, Egypt revive talks to reopen Damietta LNG facility\",\"datePublished\":\"2020-10-11T04:12:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\"},\"wordCount\":441,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/91.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Cyprus\",\"EGAS\",\"Egyptian General Petroleum Corporation\",\"Egyptian National Gas Holding Company\",\"Eni\",\"EnterpriseAM\",\"Idku LNG plant\",\"Naturgy\",\"oil and gas\",\"SPEED ROUND\",\"Union Fenosa Gas\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/ufg-egypt-revive-talks-to-reopen-damietta-lng-facility\/\",\"name\":\"UFG, Egypt revive talks to reopen Damietta LNG facility - 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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":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":575284,"position":1},"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":569585,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/01\/spanish-naturgy-will-be-pulling-out-of-the-damietta-lng-plant\/","url_meta":{"origin":575284,"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":597603,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/damietta-lng-facility-to-work-at-full-capacity-in-4q2019\/","url_meta":{"origin":575284,"position":3},"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 "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":569658,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/eni-to-export-gas-from-damietta-lng-plant\/","url_meta":{"origin":575284,"position":4},"title":"Eni to export gas from Damietta LNG plant","author":"enterpriseam admin","date":"3 March 2020","format":false,"excerpt":"Eni to export gas from Damietta LNG plant this year: Eni is looking to begin exporting natural gas from the Damietta LNG plant this year, the local press reports, citing an unnamed source at the Oil Ministry. The company is permitted to export production from its Zohr natural gas field\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\/40.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596437,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/damietta-liquefaction-plant-to-reopen-in-3q2019\/","url_meta":{"origin":575284,"position":5},"title":"Damietta liquefaction plant to reopen in 3Q2019?","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"Deja vu: Damietta LNG plant to reopen in 3Q2019? 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 "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\/575284","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=575284"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575284\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575285"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575284"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575284"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}