Union Fenosa Gas Granted $2Bln Award Over Egypt Dispute
03 Septiembre 2018 - 3:12AM
Noticias Dow Jones
By Alberto Delclaux
Naturgy Energy Group SA (NTGY.MC) said Monday that its
half-owned Union Fenosa Gas joint venture has received an award
from the International Center for Settlement of International
Disputes in regard to a dispute in Egypt.
Union Fenosa initiated a claim in 2014 over a lack of gas supply
to the liquefaction facilities of its Damietta plant.
The ICSID has decided on an award of $2.01 billion after taxes
and before interest, saying Egypt failed to grant Union Fenosa fair
and equitable treatment, according to a Naturgy statement.
"Naturgy is confident that the issuance of this award will allow
it to reach a comprehensive agreement that will re-establish the
value of this investment through a commercial agreement, resuming
the gas supplies to the plant," the Spanish energy group said.
Eni SpA (ENI.MI) owns the other 50% of Union Fenosa.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
September 03, 2018 03:57 ET (07:57 GMT)
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