Britain’s BP Amoco PLC and Italy's Eni SpA have announced plans to build a liquefied natural gas plant in the Egyptian port of Damietta, as part of a joint project worth up to $2 billion.
Under the terms of deal, the gas will be exported to Italy, Turkey and Spain, starting at the end of 2004. As such, Egypt will come to compete with as a North African source of gas.
The state-owned Egyptian General Petroleum Corp. sets terms and conditions for the price that BP Amoco and Eni will pay for raw gas to be supplied to prospective plant.
BP Amoco says it will process 4.5 billion cubic feet of raw per annum when it begins production, and that volume could double over the following three years. – (Albawaba-MEBG)
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