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Tuesday, 30 August 2016

Union Fenosa wants more Israeli gas than previously indicated once imports begin

Spain’s Union Fenosa Gas (UFG) wants even more gas from Israel’s Tamar Field than previously stated, once imports begin, unnamed sources told Bloomberg. A final agreement will be signed within a couple of months, while the first gas will be piped to the Damietta liquefied natural gas plant in Egypt as soon as one year after the signing, the source added. “The partners will need to invest an estimated [USD 1.5 bn] to [USD 2 bn] to facilitate increased volumes of gas. That would finance three new wells in the Tamar field, upgrades to the offshore platform and a new pipeline that would connect to Damietta.” UFG owns 80% of the Damietta LNG facility, and is required to drop an outstanding arbitration case against Egypt as part of the agreement, the source said.

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