{"id":621355,"date":"2018-11-06T04:11:26","date_gmt":"2018-11-06T04:11:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/"},"modified":"2018-11-06T04:11:26","modified_gmt":"2018-11-06T04:11:26","slug":"oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/","title":{"rendered":"Oil Ministry is in talks with UGS to reduce Egypt\u2019s USD 2 bn settlement payment over Damietta gas supply interruptions"},"content":{"rendered":"

The Oil Ministry is in talks with Spanish-Italian JV Union Fenosa Gas (UGS) to reduce a USD 2 bn settlement<\/strong> it has been ordered to pay over gas supply interruptions at the Damietta liquefaction plant, an unnamed ministry source said, according to Al Shorouk<\/a>. According to the source, the ministry is also expected to resume gas shipments to the plant \u201cin small quantities\u201d in 2H2019 as part of the settlement agreement, which the World Bank\u2019s International Centre for Settlement of Investment Disputes ordered in September<\/a>. The ministry had said<\/a> that Egypt is taking steps to settle the amount, without disclosing details on what the steps entail. UGS had filed the case against Egypt some years ago, complaining that the government had cut off flows to its Damietta liquefaction plant, of which it owns 80%. Settling the dispute could expedite the resumption of LNG exports and help put Egypt on the map as a regional energy export hub. Naturgy and Eni are also in \u201cadvanced talks\u201d to re-launch operations at the Damietta facility, Eni CFO Massimo Mondazzi said last month<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Oil Ministry is in talks with Spanish-Italian JV Union Fenosa Gas (UGS) to reduce a USD 2 bn settlement it has been ordered to pay over gas supply interruptions at the Damietta liquefaction plant, an unnamed ministry source said, according to Al Shorouk. According to the source, the ministry is also expected to resume […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[93,197,72,125,3692,2380,4272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621355","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-energy","tag-eni","tag-enterpriseam","tag-investment-watch","tag-naturgy","tag-speed-round","tag-union-fenosa-gas","wpautop","entry"],"acf":{"mongo_id":"eea5c0c1-c98f-4442-bb26-68dddf2d8a1b","order":"0","is_powered_by":true,"section_story_id":"f5b7622f-0b7a-42ec-b17f-b72982ea64af","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621342],"teaser":"","voice_url":""},"yoast_head":"\nOil Ministry is in talks with UGS to reduce Egypt\u2019s USD 2 bn settlement payment over Damietta gas supply interruptions - 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\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Ministry is in talks with UGS to reduce Egypt\u2019s USD 2 bn settlement payment over Damietta gas supply interruptions\" \/>\n<meta property=\"og:description\" content=\"The Oil Ministry is in talks with Spanish-Italian JV Union Fenosa Gas (UGS) to reduce a USD 2 bn settlement it has been ordered to pay over gas supply interruptions at the Damietta liquefaction plant, an unnamed ministry source said, according to Al Shorouk. According to the source, the ministry is also expected to resume […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-06T04:11:26+00:00\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Oil Ministry is in talks with UGS to reduce Egypt\u2019s USD 2 bn settlement payment over Damietta gas supply interruptions\",\"datePublished\":\"2018-11-06T04:11:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\"},\"wordCount\":198,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"energy\",\"Eni\",\"EnterpriseAM\",\"investment watch\",\"Naturgy\",\"SPEED ROUND\",\"Union Fenosa Gas\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/oil-ministry-is-in-talks-with-ugs-to-reduce-egypts-usd-2-bn-settlement-payment-over-damietta-gas-supply-interruptions\/\",\"name\":\"Oil Ministry is in talks with UGS to reduce Egypt\u2019s USD 2 bn settlement payment over Damietta gas supply interruptions - 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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":[]},{"id":624324,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/govt-hints-at-willingness-to-settle-on-union-fenosa-arbitration-ruling\/","url_meta":{"origin":621355,"position":1},"title":"Gov\u2019t hints at willingness to settle on Union Fenosa arbitration ruling","author":"enterpriseam admin","date":"5 September 2018","format":false,"excerpt":"Gov\u2019t hints at willingness to settle on Union Fenosa arbitration ruling: It is the general policy of the government, and the Oil Ministry specifically, to seek a settlement in international arbitration cases, an Oil Ministry source told Al Mal. His statements are the first we\u2019ve heard since news broke that\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":624373,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/06\/egypt-taking-steps-to-resolve-ugs-dispute-over-damietta-supply-interruptions\/","url_meta":{"origin":621355,"position":2},"title":"Egypt taking steps to resolve UGS dispute over Damietta supply interruptions","author":"enterpriseam admin","date":"6 September 2018","format":false,"excerpt":"Egypt is taking steps to settle the USD 2 bn it has been ordered to pay Spanish-Italian JV Union Fenosa Gas (UGS) over gas supply interruptions at the Damietta liquefaction plant, the Oil Ministry said in a statement picked up by Reuters. (The Oil Ministry\u2019s website was down at dispatch\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":624269,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/04\/arbitrator-orders-egypt-to-pay-usd-2-bn-to-union-fenosa-gas-over-natural-gas-supply-cut-to-damietta-plant\/","url_meta":{"origin":621355,"position":3},"title":"Arbitrator orders Egypt to pay USD 2 bn to Union Fenosa Gas over natural gas supply cut to Damietta plant","author":"enterpriseam admin","date":"4 September 2018","format":false,"excerpt":"Arbitrator orders Egypt to pay USD 2 bn in settlements to UGS over cut of natural gas supply to Damietta plant: The World Bank\u2019s International Centre for Settlement of Investment Disputes ordered Egypt to pay USD 2 bn in settlements yesterday to Spanish-Italian JV Union Fenosa Gas (UGS) over a\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":601144,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/union-fenosa-denies-agreement-with-egypt-over-damietta-lng-plant\/","url_meta":{"origin":621355,"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 "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":601041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/damietta-liquefaction-plant-to-export-c-550-mn-cfd-of-natural-gas-by-april\/","url_meta":{"origin":621355,"position":5},"title":"Damietta liquefaction plant to export c.550 mn cfd of natural gas by April","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"Damietta LNG plant to reopen in April after six-year hiatus: TheDamietta liquefaction plant will reopen in April and export around 550 mn cfd of natural gas following a six-year hiatus, an oil ministry source told the domestic press. 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