Naturgy, Eni clear path for Damietta LNG restart

By Adnan Bajic Naturgy, Eni and Egypt have reached a new agreement to resolve the disputes affecting Unión Fenosa Gas (UFG), a 50/50 joint venture between Naturgy and Eni.

Courtesy of UFG

The parties have signed an agreement whereby Naturgy will receive a series of cash payments adding up to approximately $0.6 billion, as well as most of the assets outside of Egypt, excluding UFG’s commercial activities in Spain.

The new agreement, approved by the Egyptian Council of ministers, is aligned with the former agreement reached in February 2020. The February agreement values UFG at a total od consideration of up to $1.5 billion, depending

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