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    Reference: 20010169
    Release date: 26 August 2004

    Promoter – Financial Intermediary

    Spanish Egyptian Gas Company SAE (SEGAS).

    Location

    Description

    The Damietta LNG project involves the construction of a liquefied natural gas plant and its storage and export equipment with a production capacity of 4.9 Mt/a which will therewith become one of the world’s largest single LNG trains.

    Objectives

    The plant will enable the export of a part of the proven large natural gas reserves in Egypt and will therefore encourage trade between Egypt and both Europe and the US. It will thus generate substantial foreign exchange revenues for the country.

    Comments

    Electricity, Gas and Water Supply.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    Up to USD 300 m.

    Total cost (Approximate amount)

    Around USD 1,400 m.

    Environmental aspects

    The Damietta LNG production plant and the related marine facilites are located within the port of Damietta, an established industrial site. The Damietta Port Authority extended the port by some 120 hectares for this purpose. Project installations were subject to environmental assessments as required by Egyptian law due to size, technical complexity and location. The Bank is in the process of reviewing the various environmental studies conducted.

    Procurement

    The project is a private sector type operation with respect to the Bank’s Guide to Procurement. Shareholders are corporates with strong commercial interests in the project. The plant’s production is sold on highly competitive international and European markets.

    Status

    Signed - 16/12/2004

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Egypt Energy