(Reuters) Oleg Vukmanovic - Spain's Union Fenosa Gas (UFG) may drop a lawsuit against Egypt if it approves a deal for the company to import Israeli gas into its idle liquefied natural gas (LNG) export plant in Egypt, a source close to the talks said. UFG suspended exports from its Egyptian plant at Damietta in 2012 when gas shortages led the government to divert supplies to its growing domestic needs. As a result, UFG launched a multi-billion dollar lawsuit against Egypt for breach of contract last year. Egypt's access to Israel's 10 trillion cubic feet Tamar gas field via a sub-sea pipeline offers the best hope of restarting LNG exports from UFG's Egyptian plant.
2014-09-18 00:00:00Full ArticleBACK Visit the Daily Alert Archive