Repsol Operations in Egypt

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Overview

According to the company website Repsol is present in Egypt through the Union Fenosa Gas (UFG) company, which has a majority share in SEGAS, the owner of the liquefied natural gas (LNG) plant at Damietta.[1] Repsol distributes some of the UFG-produced gas in Spain;[2] as of mid 2012 Repsol was not a shareholder in UFG, however, and it was unclear whether its involvement with the company went beyond gas distribution.

Repsol historically had a larger presence in Egypt through its interests in seven concessions in the Western Desert; but US company Apache acquired nearly all of Repsol's concessions in a US$410 million deal in January 2001, as Repsol shifted its attention to activities in South America. Repsol retained its 33 percent contractor interest in the deep-water portion of the West Mediterranean Concession.[3] An October 2012 New York Times article indicted that Repsol remained a joint venture partner of the Egyptian General Petroleum Corporation (EGPC);[4] as of mid 2013 though it remained unclear which concession this venture was for and whether Repsol's activity in Egypt extended beyond that.

References

  1. "Repsol in Egypt", Repsol, retrieved 12 June 2013.
  2. "Annual Report 2011", Repsol, retrieved 12 June 2013.
  3. "Apache to Acquire Repsol's Egypt Interests for US$410 Million; A 'Step Change' for Apache's Already Formidable Operations in Egypt", PR Newswire, retrieved 12 June 2013.
  4. "Egypt Struggles to Pay Oil Bill", New York Times, 3 October 2012.