Egypt's Parliament discusses abolishing imprisonment for female debtors    India to procure 300k Remdesivir doses from Egypt's Eva Pharma    Egyptian-European relations characterised by wealth, depth: EU Ambassador    Egypt's urban inflation slows to 4.1% in April: CAPMAS    Arab Observatory for Human Rights condemns Israeli violations in Jerusalem    Egypt's Environment Minister highlights importance of adaptation, conserving biodiversity    Egypt summons Israeli Ambassador to protest violations in Jerusalem    IMF may complete 2nd review of $5.2bln standby loan by June end, Maait    Egypt's gas sector grows 25% in 2020, Minister    Multi-stakeholder platforms help in exploring opportunitiesin petroleum sector: Al-Mashat    Billionaire Elon Musk makes surprise Saturday Night Live announcement    Egypt will locally manufacture first 2m Sinovac vaccine doses by June-end    Vax Live concert exceeds vaccine goal to raise $302m    2021 South East European Film Festival celebrates cinematic diversity of 18 countries    Sheffield Documentary Film Festival announces line-up for June edition    Elsewedy Electric enters Asian market through $60m acquisition of 2 companies    Lebanese pop star Carole Samaha to release new album this summer    African Union chair meets Egypt's Al-Sisi within regional tour to stimulate GERD talks    We want Egypt and Sudan to agree to second filling only: Ethiopia    Turkey seeks to restore 'historic unity' with Egyptian people: Erdogan    Altibbi launches first Arabic app to support mothers' Health in Egypt among $8.5 mln investments    Al Ahly face injuries as they take on Al Ittihad Alexandria    Elneny's Arsenal targets 'remontada' in Europa League semi-finals    Zamalek eye return to victories at expense of Smouha in Egyptian Premier League    Egypt's CIB first bank in MENA, Africa to receive Gender Equity Seal    Egypt buys 30 Rafale fighter jets from France    Direct flights between Russia and Egypt will resume in June, Ambassador    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Blinken presses Ethiopia's Abiy to ensure full withdrawal of Eritrean troops from Tigray    Forces opposed to Somali president control parts of Mogadishu    Nine people executed in Egypt over Kerdasa police killings in 2013    UEFA investigating Ibrahimovic's alleged ties to betting company    61 doctors died from coronavirus since start of April: Egypt's medical syndicate    Egypt targets 5.6% inflation rate in FY2020/21, 6% in FY2021/22    Egypt allocates EGP 132 bln to modernise railway system: Transport minister    Real Madrid not thinking about any Super League sanctions: Zidane    Total declares force majeure on Mozambique LNG after attacks    All the winners at the 93rd Academy Awards    Egypt's Ahly granted approval to build new stadium on Cairo outskirts    Aswan Int'l Women's Film Festival dedicates 5th edition to Kawthar Heikal    BREAKING: Egypt's information minister Osama Heikal resigns amid parliamentary criticism    'War was not Egypt's aim, but peace was the ultimate goal,' Sisi says on Sinai Liberation Day anniversary    Factbox: Key nominations for the 2021 Academy Awards    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

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
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.