Egypt, Saudi Arabia coordinate on regional crises ahead of first Supreme Council meeting    FRA launches first register for tech-based risk assessment firms in non-banking finance    Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines    African World Heritage Fund registers four new sites as Egypt hosts board meetings    Maduro faces New York court as world leaders demand explanation and Trump threatens strikes    Egypt identifies 80 measures to overhaul startup environment and boost investment    Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory    EGX closes in red area on 5 Jan    Gold rises on Monday    Oil falls on Monday    Al-Sisi pledges full support for UN desertification chief in Cairo meeting    Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour    Egypt opens Braille-accessible library in Cairo under presidential directive    Abdelatty urges calm in Yemen in high-level calls with Turkey, Pakistan, Gulf states    Madbouly highlights "love and closeness" between Egyptians during Christmas visit    Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Eni seeks to export gas from Zohr through Damietta liquefaction plant in 2020
Italian company raises its stake in liquefaction plant to 50%: source
Mohamed Adel Published in Daily News Egypt on 03 - 03 - 2020

Italian Eni seeks to start exporting some of its share in the Zohr deep-water gas field in the Mediterranean through the Damietta liquefaction plant this year.
A source in the petroleum sector told Daily News Egypt that the Italian company has increased its stake in the Damietta liquefaction plant to 50% from 26%, after it acquired the shares of other partners Union Fenosa Gas and SEGAS.
Egypt's share in the liquefaction plant also rose to 50% from 48%, after a dispute settlement between Eni, Naturgy Group, Union Fenosa, and the Spanish Egyptian Gas Company (SEGAS).
A few days ago, Egypt concluded a settlement agreement and another framework agreement between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company (EGAS), Eni, Naturgy, Union Fenosa, and SEGAS for the Damietta liquefaction plant's reopening, according to the Ministry of Petroleum.
The source pointed out that Eni completed the implementation of a land pipeline from the Zohr gas treatment plant in El Gamil in Port Said to the Damietta plant, as a prelude to export gas to European markets.
The source explained that Eni agreement to develop Zohr field allows the company to export quantities of its share to global markets after obtaining the approval of the Ministry of Petroleum.
The liquefaction plant has a capacity of 7.56bn cubic meters per year, but has been idle since November 2012.
The source said Eni is working to increase the production of Zohr field gradually to about 3bn cubic feet per day this month.
Foreign partners in Egypt aim to export part of their share in gas concession areas to achieve financial gains since LNG shipments are sold according to international prices, which is higher than the price the Egyptian government pays locally.
Eni can sell gas from its Zohr field for $2.2-5.88 per cubic feet, based on the price of a barrel of oil on international markets.
The Ministry of Petroleum seeks to turn Egypt into a regional energy hub by utilising the infrastructure of pipelines and liquefaction stations, which contributes to receiving, transporting, and circulating gas both locally and globally.

Clic here to read the story from its source.