Egypt’s mothballed 5mn t/y Segas LNG export facility at Damietta is due to restart after the World Bank’s arbitration body, the International Centre of Settlement of Investment Disputes (ICSID), awarded operator Union Fenosa Gas (UFG) $2bn in damages from the Egyptian government for the halting of gas supplies in 2012.
UFG, a JV of Spain’s Naturgy and Italy’s Eni, says the decision “allows the company to reaffirm its commitment to Egypt and its willingness to continue its operations in the country.” The facility was forced to halt exports in 2012 when all gas produced in Egypt was redirected to the domestic market due to severe shortages. Cairo will repay the amount in gas supplies as opposed to cash, according to the Financial Times. (CONTINUED - 297 WORDS)
