UFG could forget lawsuit if Egypt allows gas imports from Israel

UFG could forget lawsuit if Egypt allows gas imports from Israel

Union Fenosa Gas of Spain could drop its lawsuit against Egypt if the country allows the company to import gas from Israel to its LNG export plant in Egypt.

UFG, a JV owned by Gas Natural of Spain and Italy’s Eni, suspended exports from its plant in Egypt in 2012 when gas shortages forced the government to divert supplies to its growing domestic demand. This resulted in UGF launching a multi-billion dollar lawsuit against Egypt.

Sources close to the matter told Reuters that arbitration has not been suspended, but UGF would consider it if Egypt approves the import deal from the Israeli Tamar gas field.

UFG’s willingness to drop the lawsuit may help unlock the Israeli import deal after Egyptian authorities in May said that approvals could not otherwise be granted.

The deal would see UFG import 2.5 trillion cubic feet gas over 15 years.

 

LNG World News Staff, September 17, 2014; Image: Delek Group

Share this article

Follow LNG World News

One thought on “UFG could forget lawsuit if Egypt allows gas imports from Israel”

Comments are closed.

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >