Union Fenosa Gas, a joint venture of Spain’s Naturgy and Italy’s Eni, operates the Damietta liquefied natural gas (LNG) plant in Egypt. The company took the country to court in 2014 to claim compensation and hold Egypt accountable for the interruption of gas supplies to the Damietta facilities, after Egypt suspended supplies to the plant, as it was facing domestic energy shortages in the chaos after the Arab Spring. Egypt will likely pay that US$2-billion settlement not in cash, but in the form of a resumption of gas supplies to the Damietta plant, the Financial Times reported, quoting sources familiar with the issue. The settlement of the dispute could pave the way to a speedier resumption of Egypt’s LNG exports, according to FT. “UFG expresses its great satisfaction with the outcome of the award since it reinforces its confidence in the final resolution of this long dispute and […]