Walid El-Bahnasawy
Today, The Arab Republic of Egypt signed a settlement agreement and the last framework agreement between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company (EGAS), ENI, the Naturgy Energy Group, the Union Venosa Gas and the Egyptian Spanish Gas Company (Segas) on the basis of a set of steps required for entry into force of the settlement.
Moreover, On the date of entry into force of the settlement agreement, the terms of the international arbitration proceedings against the Arab Republic of Egypt will be resolved and all current disputes between the Arab Republic of Egypt and EGAS, on the one hand, and Union Venus Gas and Segas, on the other hand, on the buying and selling of natural gas agreements will be settled, concluded and and use of the capacity to liquidate Natural gas in Al-Asala plant in Damietta.
This comes in the light of the interest of the State to resolve all conflicts with investors in order to encourage an investment climate and seek to attract investors within the Arab Republic of Egypt.
