Egypt 'taking steps' over $2 bln payment to Union Fenosa Gas
CAIRO, (Reuters) - Egypt said it was “taking all necessary steps” over $2 billion the World Bank ordered it to pay to Italian-Spanish Union Fenosa Gas (UFG) because of a lack of gas supply to an Egyptian plant in which the company has a majority stake.
A statement from Egypt’s petroleum ministry for the first time acknowledged the decision by a World Bank arbitration body, but did not elaborate on what steps it was taking.
The World Bank body ordered Egypt to pay the money to Union Fenosa Gas (UFG), a joint venture between Spain’s Gas Natural and Italy’s Eni, the Financial Times reported on Monday.
The Damietta liquefied natural gas (LNG) plant is 80 percent owned by UFG, with the remaining 20 percent split evenly between state-owned companies EGAS and EGPC. (Reporting by Ehab Farouk, writing by John Davison; Editing by Kirsten Donovan)
- Biogas in France: TotalEnergies starts its 2nd largest unit in Normandy
- ONEOK announces joint ventures with MPLX to build LPG export terminal at U.S. Gulf Coast location
- Ukraine plans to import 800 MMm3 of gas until April after Russian strikes
- Parker Hannifin joins iHAPC project to test H2 and argon for cleaner and more energy-efficient engine technologies
- India's BPCL signs LPG supply deal with Norway's Equinor
Comments