(Alliance News) - Egypt is negotiating with Eni to build a liquefied natural gas import facility to avoid energy shortages and summer blackouts, according to Milano Finanza on Thursday.
The facility, operated by the joint venture between Eni and Egyptian Natural Gas Holding, will be built near Eni's LNG export area in Damietta on the Mediterranean coast, the newspaper continued.
The USD150 million project aims to also take advantage of existing storage infrastructure.
The move reflects Egypt's shift from exporter to importer of gas.
Egypt has also leased a floating import terminal until 2026 and another facility will start in 2025. Eni recently purchased its own shares for about EUR50 million.
By Claudia Cavaliere, Alliance News reporter
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