Eni concludes an settlement with companions for the restart of the Damietta LNG plant in Egypt
Additionally pronounces an amicable settlement of disputes regarding Union Fenosa Fuel
Eni stated on Wednesday it had closed the settlement signed final December with the Arab Republic of Egypt (AER), the Egyptian Basic Petroleum Firm (EGPC), the Egyptian Pure Fuel Holding Firm (EGAS) and the Spanish firm Naturgy. which can restart the Damietta. liquefaction plant in Egypt, settle the excellent disputes between Union Fenosa Fuel and SEGAS with EGAS and ARE, and proceed with a company restructuring of Union Fenosa Fuel, whose belongings have been divided between Eni and Naturgy, in addition to of SEGAS which can now be 50% owned by Eni, 40% by EGAS and 10% by EGPC.
The liquefaction plant, owned by SEGAS, with a capability of seven.56 billion cubic meters per 12 months, inactive since November 2012, has resumed manufacturing. The primary cargo of LNG was carried out on February 22, adopted by a second cargo on March 4, whereas a 3rd, which is being loaded on the facility, shall be bought instantly by Eni to its clients in Europe.
The acquisition of Egyptian LNG consolidates Eni’s built-in improvement technique by growing the volumes and suppleness of its portfolio, in synergy with its upstream belongings.
By this settlement, the corporate strengthens its presence within the Japanese Mediterranean, a key area for the availability of pure gasoline, a basic useful resource for the power transition, of which Egypt is the principle producer within the space.
As for Union Fenosa Fuel’ actions outdoors Egypt, Eni will take over the pure gasoline advertising actions in Spain, thus strengthening its presence within the European gasoline market.
The deal comes at an essential time when, thanks partly to the speedy entry into manufacturing of Eni’s latest pure gasoline discoveries, significantly from the Zohr and Nooros fields, Egypt has regained its full capability to satisfy home demand for gasoline and will allocate extra manufacturing to export. through LNG services.