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Damietta LNG gears up to load

third cargo since restart

PROJECTS & THE Damietta LNG plant in Egypt is preparing last December. The document allowed them to
COMPANIES to export its third cargo since resuming opera- restart Damietta LNG and redistribute equity in
tions last month, according to Italy’s Eni, a share- SEGAS, the joint venture that owns the plant, as
holder in the facility. follows: 50% to Eni, 40% to EGAS and 10% to
In a statement dated March 10, Eni said the EGPC. It also effected the corporate restructur- Prior to the
Damietta gas liquefaction plant had begun trans- ing of Union Fenosa Gas (Spain), ensuring that
ferring the LNG to a tanker last week. It did not the company’s assets were split between Eni and departure of
reveal the size of the cargo, but it reported that Naturgy, and resolved all of SEGAS and Union
it intended to sell these volumes directly to cus- Fenosa Gas’ outstanding disputes with EGAS the first cargo,
tomers in the European market. and the Egyptian government.
The shipment “consolidates Eni’s integrated The Italian company commented that the the plant had
development strategy by increasing the volumes newly finalised agreement was in line with been idle since
and flexibility of its portfolio, in synergy with its its plans to bolster its presence in the region.
upstream assets,” the statement said. “Through this agreement, the company November 2012.
The company noted that Damietta LNG’s sec- strengthens its presence in the East Mediterra-
ond load of LNG since the restart had set sail on nean, a key region for the supply of natural gas,
March 4, just 10 days after the first, which left which is a fundamental resource for the energy
port on February 22. transition, of which Egypt is the main producer
Prior to the departure of the first cargo, the in the area,” it said.
plant had been idle since November 2012. It “The agreement comes at an important
resumed operations last month, in line with an time when, thanks in part to the rapid entry
agreement previously signed between Eni, the into production of Eni’s recent natural gas dis-
government of Egypt, Egyptian General Petro- coveries, especially from the Zohr and Nooros
leum Corp. (EGPC), Egyptian Natural Gas fields, Egypt has regained full capacity to meet
Holding Co. (EGAS) and Naturgy (Spain). domestic gas demand and can allocate excess
According to Eni’s statement, the parties have production for export through LNG facilities,”
now finalised that agreement, which was signed it added.™

P8 www. NEWSBASE .com Week 11 19•March•2021