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Sunday, 28 October 2018

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 bn 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.

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