Naturgy, Eni Reach Agreement With Egypt Government in LNG Dispute

Date : 02/27/2020 @ 3:39PM
Source : Dow Jones News
Stock : Eni (ENI)
Quote : 8.593  0.376 (4.58%) @ 4:35PM

Naturgy, Eni Reach Agreement With Egypt Government in LNG Dispute

Eni (BIT:ENI)
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   By Giulia Petroni 
 

Naturgy Energy Group SA and ENI SpA have agreed the terms to "amicably" resolve the disputes concerning Union Fenosa Gas with the Egyptian government, the Spanish utility company said Thursday.

The agreement values UFG--a 50/50 joint venture between Naturgy and Eni--at a total consideration of $1.5 billion, said Naturgy. Of this amount, $1.2 billion is related to Egyptian assets and $300 million to assets outside the country.

Naturgy said it would receive a cash payment of $600 million, along with most of the assets outside of Egypt--excluding activities in Spain--and end its joint venture with Eni.

"The completion of the transaction will result in Naturgy's departure from Egypt and the end of its joint-venture with Eni, having no obligation in the future to buy liquefied natural gas from the country," Naturgy said.

The parties are expected to execute the transaction in the first half of the year, the company said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

February 27, 2020 10:24 ET (15:24 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


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