{"id":624269,"date":"2018-09-04T04:15:17","date_gmt":"2018-09-04T04:15:17","guid":{"rendered":"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\/"},"modified":"2018-09-04T04:15:17","modified_gmt":"2018-09-04T04:15:17","slug":"arbitrator-orders-egypt-to-pay-usd-2-bn-to-union-fenosa-gas-over-natural-gas-supply-cut-to-damietta-plant","status":"publish","type":"post","link":"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\/","title":{"rendered":"Arbitrator orders Egypt to pay USD 2 bn to Union Fenosa Gas over natural gas supply cut to Damietta plant"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Arbitrator orders Egypt to pay USD 2 bn in settlements to UGS over cut of natural gas supply to Damietta plant:<\/strong> 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 natural gas dispute, <u><a href=\"https:\/\/www.ft.com\/content\/0d0dfd96-af6c-11e8-8d14-6f049d06439c\">the Financial Times reports<\/a><\/u>. The amount is likely to be settled \u201cin the form of renewed gas supplies to [the liquefaction plant in] Damietta, rather than in cash,\u201d sources close to the matter said. UGS \u2014 a joint venture between Spain\u2019s Naturgy and Italy\u2019s Eni \u2014 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%. UGS had <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/09\/gas-imports-from-israel-reducing-fines-egypts-gas-hub-plans-coming-through-offshore-companies\/\">filed previous complaints<\/a><\/u> about the interruptions with the International Court of Arbitration and International Chamber of Commerce, demanding USD 270 mn plus interest for the state\u2019s failure to comply with supply contracts. The EGPC and EGAS together own 20% of the Damietta LNG plant.<\/p>\n<p><strong>The move could \u201caccelerate the resumption of the country\u2019s LNG exports,\u201d <\/strong>the salmon-colored paper notes. Egypt is trying to clear obstacles preventing it from establishing itself as a regional hub for energy exports in the East Mediterranean, which includes the resolution of pending legal disputes. The government is in the process of finalizing an agreement to connect Cyprus\u2019 Aphrodite with Egyptian liquefaction facilities, where gas would be processed and re-exported back to Europe. Expectations are for <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/26\/egypt-could-be-processing-natural-gas-from-cyprus-by-2022\/\">gas to be flowing<\/a><\/u> from Cyprus to Egypt by 2022. Egypt\u2019s Dolphinus Holdings had also <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/20\/dolphinus-reportedly-signs-usd-15-bn-natural-gas-agreement-with-israel\/\">signed in February<\/a><\/u> a USD 15 bn agreement to import gas from Israel\u2019s Tamara and Leviathan fields as early as next year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 natural gas dispute, the Financial [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624269","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1bebae8e-4bfe-49c9-b974-8b50cd002654","order":"0","is_powered_by":true,"section_story_id":"b5be957b-45c7-48af-b0e7-f3ae5c8f1d76","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624262],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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According to the source, the ministry\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":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":624269,"position":1},"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. The potential resumption of exports comes as plant operator Union Fenosa Gas\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":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":624269,"position":2},"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 &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":624373,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/06\/egypt-taking-steps-to-resolve-ugs-dispute-over-damietta-supply-interruptions\/","url_meta":{"origin":624269,"position":3},"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 &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":624324,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/govt-hints-at-willingness-to-settle-on-union-fenosa-arbitration-ruling\/","url_meta":{"origin":624269,"position":4},"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 &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":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":624269,"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 &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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624269","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=624269"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624269\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/624262"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624269"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624269"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}