UPDATE 1-Eni and Naturgy's Damietta gas plant deal with Egypt falls through [Reuters]
NATURGY ENERGY GRP U/ADR (GASNY)
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Source: Reuters
Eni and Naturgy's Damietta gas plant deal with Egypt falls through MADRID (Reuters) - A deal struck between Spanish gas firm Naturgy Energy Group , Italy’s Eni and the Egyptian government to resolve a series of disputes over a shuttered gas plant in northern Egypt has fallen through, Naturgy said on Thursday. The agreement had been due to end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and state-owned Egyptian firms would have increased their holdings in the Damietta plant. Naturgy said in a bourse filing that the agreement was based on a series of conditions which had not been met, but that it was still open to seeking a friendly solution to the dispute. The first condition of the agreement was that the plant would reopen, but it was impossible to do so because of restrictions on movement and industry worldwide to curb the spread of the novel coronavirus, a person familiar with the matter said. “Eni is in touch with the counte
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