UFG CONFIRMS ONGOING NEGOTIATIONS WITH EGYPT, BUT NO AGREEMENT REACHED YET
The negotiations with the Egyptian authorities are still ongoing.
UFG reiterates its commitment to reach an amicable agreement with the Egyptian Gov’t and the State-Owned Companies based on the compensation for the damages caused, the restoration of gas supply to the Damietta LNG plant and the guarantees of future compliance with the contracts.
Given the information published in some Egyptian media outlets in the past few days, regarding the alleged agreement between the Egyptian Gov’t and UFG to settle the dispute, UFG denies that any settlement has been reached.
Progress has been made but the guarantees offered are not sufficient to reach the comprehensive agreement required to bring the dispute to its end.
Whenever an agreement is reached, the market will be informed in a timely manner.