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Ministry ‘taking steps' over $2b payment to UFG
The Egyptian Gazette Published in The Egyptian Gazette on 05 - 09 - 2018

CAIRO, Sept 5, 2018 – The Petroleum Ministry said on Wednesday that 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 the ministry 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 UFG, a joint venture between Spain's Gas Natural and Italy's Eni, the Financial Times reported on Monday.
The Damietta liquefied natural gas plant is 80 per cent owned by UFG, with the remaining 20 per cent split evenly between state-owned companies EGAS and EGPC.

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