Egypt approves gas supply deal between EGPC and Union Fenosa

Jul 25, 2000 02:00 AM

Egypt's government has approved a major gas supply deal between state-owned Egyptian General Petroleum Corporation (EGPC) and Spanish utility Union Fenosa, the Spanish company said. Union Fenosa said the deal gave it a presence in the international gas industry and feedstock for its rapidly expanding electricity generation plants in Spain. It also said it would build a LNG plant in Egypt at a cost of $ 1 bn.
Union Fenosa said the agreement was for the long-term supply of around 4 bn cmpy of gas -- around 25 % of annual consumption in the Spanish gas market. The agreement would allow Union Fenosa to negotiate higher supply volumes from EGPC.
Union Fenosa said the supply agreement covered its requirements, which were growing as a result of its plans to expand in the domestic power business. By 2005, it plans to have installed 2,000 MW of new combined-cycle generation capacity. The company said the LNG plant should be operational by 2004.

Source: Bridge News via Newspage
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« September 2021 »
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30

Register to announce Your Event

View All Events