EGAS banner - Photo via EGAS website.
CAIRO, April 25 (MENA) - The Egyptian Natural Gas Holding Company (EGAS) said it terminated two agreements signed in February 27 with foreign and international partners that couldn't comply with the provisions of the deals due to the outbreak of the novel coronavirus (COVID-19) pandemic.
The EGAS, in a statement issued on Saturday, said a settlement agreement and another framework agreement signed with ENI, Naturgy, Union Venusa Gas and the Spanish Egyptian Natural Gas Company (Cigas) were canceled.
The statement indicated that EGAS is ready to enter into new negotiations in this regard after observing some of the conditions.
Under the settlement agreement, all the international arbitration clauses issued against Egypt should have been settled along with all conflicts between Egypt and EGAS from one side and Union Venusa Gas along with Cigas from the other side as regards the selling and buying of natural gas.