The Egyptian LNG plant in Idku. (Shell)
Talks are under way between Union Fenosa Gas (UFG) and the Egyptian government over restarting the idled Damietta LNG plant. The move could help Egypt pay a compensation claim awarded to the Spanish company.
The operators of Damietta filed a claim with the International Centre for Settlement of Investment Disputes (ICSID) for damages worth $3.92 billion in 2014 after the Egyptian government halted the flow of feed gas to the 5.5 mtpa plant in 2012. The ICSID awarded $2.01 billion in UFG’s favour earlier this month,...
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