Eni, Naturgy in advanced talks over re-opening Damietta LNG facility in Egypt

Eni-Naturgy JV looking to re-launch operations at Damietta LNG facility in 2019: Italy’s Eni and its Spanish partner Naturgy are in “advanced talks” to re-launch operations at their Damietta LNG facility in 2019, Eni’s CFO Massimo Mondazzi said on Friday, according to Reuters.

The World Bank’s International Centre for Settlement of Investment Disputes had ordered Egypt to pay USD 2 billion in settlements to the two companies’ JV Union Fenosa Gas (UGS) for cutting off flows to the Damietta plant, of which UGS owns 80%. The EGPC and EGAS together own the remaining 20% of the plant.
Eni said talks with partner Naturgy over re-opening their Damietta LNG facility in Egypt were at an advanced stage and the plant should begin working again next year, Eni’s finance chief Massimo Mondazzi said in a conference call with analysts.

Source: Reuters