Crown forces Egypt to end gas deals with international companies

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The “Covid 19” epidemic led to the termination of the gas deals that Egypt concluded with various international companies, due to the inability of the contracting parties to complete the terms of the deals.

Cairo – Sputnik. A statement issued by the Egyptian Ministry of Petroleum, today, Friday, stated that “On February 27, 2020, the Egyptian Gas Natural Holding Company (EGAS) entered into a settlement agreement and framework agreement with ENI, Naturgy, Union Fenosa Gas and the Spanish Egyptian Natural Gas Company (Cigas)., The Arab Republic of Egypt and the General Petroleum Corporation of Egypt, and a cooperation agreement was signed with Eni and Sigas.

“As the start of the effective date of these agreements depends on a number of preconditions, EGAS has implemented some of these conditions and was in place to implement the remaining conditions, but as a result of the pandemic (Covid 19), the The rest of the contracting parties were unable to complete the implementation of some other conditions, which resulted in the termination of those agreements concluded on February 27, 2020. “

The statement indicated that “EGAS is ready to start new negotiations in this regard after observing some of the conditions.”

At the end of last February, Egypt concluded a settlement agreement with Eni, Naturgy, Union Venosa and the Egyptian Gas Company of Spain, according to which it will resolve the international arbitration provisions issued against Egypt and will end all disputes between Egypt and those companies.