Eni has closed the agreement signed last December with the Egyptian state represented in the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS), and the Spanish Naturgy company that will restart the Damietta liquefaction plant in Egypt, according to a statement published on Eni’s website.
This agreement settle Union Fenosa Gas and SEGAS’s outstanding disputes with EGAS and the Egyptian state and effect a corporate restructuring of Union Fenosa Gas, whose assets have been divided between Eni and Naturgy, as well as of SEGAS which will now be owned 50 percent by Eni, 40 percent by EGAS and 10 percent by EGPC.
Operations in the Damietta liquefaction plant, owned by SEGAS, halted for eight years before its recent revival.
Such Purchase deal roots Eni’s presence in the East Mediterranean and reflects the company’s strategy to elevate its portfolio in synergy with its upstream assets.
It is worthy mentioned that Damietta plant has a capacity of 7.56 billion cubic meters per year (bcm/y).