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Egypt to Pay $2B to a Spanish-Italian JV in Gas Dispute

Source: 9/5/2018, Location: Africa

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Egypt will pay $2 billion to Union Fenosa Gas Company as a settlement for halting gas supplies to the company’s Damietta LNG plant, according to the World Bank arbitration. Union Fenosa is a joint venture between Italian Eni and Spain’s Naturgy.

Egypt will, more likely, not pay that $2 billion settlement in cash. Egypt will negotiate with the foreign partners in Damietta plant to compensate them in the form of giving up part of Egypt’s export quota in the factory for a specified period, or allowing it to contract on exporting gas produced from Israeli gas fields.

Following the start-up of the giant gas field Zohr, Eni plans to build a pipeline from Zohr to Damietta LNG plant to export part of its share in Zohr production, after obtaining the relevant approval of the Egyptian Ministry of Petroleum.

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