Eni inks deals to reopen Damietta LNG plant by Q1-21

The plant has an annual capacity of 7.56bln cubic metres

  
Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. Image for illustrative purposes.

Storage tanks of kerosene are seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. Image for illustrative purposes.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: The Italian energy giant Eni signed a series of agreements in Egypt to reopen the Damietta liquefied natural gas (LNG) plant in the first quarter (Q1) of 2021.

The agreements were signed with the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and the Spanish company, Naturgy, according to a statement on Tuesday.

This will lead to the amicable settlement of the pending disputes between Union Fenosa Gas and SEGAS with EGAS and Egypt. In addition, Union Fenosa Gas will be restructured and its assets will be shared between Eni and Naturgy.

The LNG plant is owned by the Spanish Egyptian Gas Company (SEGAS), which is 40% owned by Eni through Union Fenosa Gas (50% Eni and 50% Naturgy).

The plant, which has an annual capacity of 7.56 billion cubic metres, has been idle since November 2012.

Union Fenosa Gas in the LNG plant (80%) will be transferred 50% to Eni and 30% to EGAS. The resulting shareholding of SEGAS will therefore be Eni 50%, EGAS 40%, and EGPC 10%.”

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy