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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Naturgy Energy S A : Eni closes agreement with partners for restart of Damietta liquefied natural gas plant in Egypt

03/11/2021 | 10:22am EDT

San Donato Milanese - Eni announces today that it has closed the agreement signed last December with the Arab Republic of Egypt (ARE), the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and the Spanish company Naturgy that will restart the Damietta liquefaction plant in Egypt, settle Union Fenosa Gas and SEGAS's outstanding disputes with EGAS and ARE, and effect a corporate restructuring of Union Fenosa Gas, whose assets have been divided between Eni and Naturgy, as well as of SEGAS which will now be owned 50 percent by Eni, 40 percent by EGAS and 10 percent by EGPC.

The liquefaction plant, owned by SEGAS, with a capacity of 7.56 billion cubic meters per year, which has been idle since November 2012, has resumed production. The first LNG cargo was carried out on February 22, followed by a second cargo on March 4, while a third, which is being loaded at the facility, will be sold directly by Eni to its customers in Europe.

The purchase of Egyptian LNG consolidates Eni's integrated development strategy by increasing the volumes and flexibility of its portfolio, in synergy with its upstream assets.

Through this agreement, the company strengthens its presence in the East Mediterranean, a key region for the supply of natural gas, which is a fundamental resource for the energy transition, of which Egypt is the main producer in the area.

As for Union Fenosa Gas' activities outside Egypt, Eni will take over the natural gas marketing activities in Spain, strengthening its presence in the European gas market.

The agreement comes at an important time when, thanks in part to the rapid entry into production of Eni's recent natural gas discoveries, especially from the Zohr and Nooros fields, Egypt has regained full capacity to meet domestic gas demand and can allocate excess production for export through LNG facilities.

Contact:

Tel: +39.0252031875

Email: ufficio.stampa@eni.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 17 328 M 20 563 M 20 563 M
Net income 2021 1 258 M 1 493 M 1 493 M
Net Debt 2021 11 783 M 13 983 M 13 983 M
P/E ratio 2021 17,3x
Yield 2021 6,41%
Capitalization 20 939 M 24 838 M 24 848 M
EV / Sales 2021 1,89x
EV / Sales 2022 1,79x
Nbr of Employees 8 372
Free-Float 27,7%
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Technical analysis trends NATURGY ENERGY GROUP, S.A.
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 21,79 €
Average target price 22,20 €
Spread / Average Target 1,88%
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Managers and Directors
Francisco Miguel Reynés Massanet Chairman & Chief Executive Officer
Carlos Javier Álvarez Fernández Chief Financial Officer
Ramón Adell Ramón Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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