Petroleum ministry: taking needed measures over $2B payment to Union Fenosa Gas

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Thu, 06 Sep 2018 - 08:57 GMT

 Petroleum Minister Tarek el-Molla during his participation in Rome MED 2017 forum - Press photo

Petroleum Minister Tarek el-Molla during his participation in Rome MED 2017 forum - Press photo

CAIRO - 6 September 2018: The Petroleum Ministry said on Wednesday that it was taking all needed measures over $2 billion a World Bank arbitration body ordered Egypt to pay to Italian-Spanish Union Fenosa Gas.

In a statement, the ministry said that the Union Fenosa Gas had filed a lawsuit at the World Bank’s International Centre for Settlement of Investment Disputes against Egypt, complaining that Egyptian state company EGAS had cut off gas flows to its Damietta liquefaction plant since 2012.

The ministry noted that EGAS failed to supply the project with gas due to the difficult situation in Egypt following the 25 January, 2011 revolution.

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