With this agreement, Enel has initiated participation in the Egyptian gas sector for the first time and is expected to consolidate its position as a vertically integrated operator, from the production of natural gas to the generation of power and the distribution and sale of natural gas and electricity.
The Egyptian Natural Gas Holding Company (Egas) will reportedly have the opportunity to access end-markets jointly with Enel, by marketing natural gas in the markets where Enel operates.
Enel will reportedly offer its operating experience to Egas by assessing opportunities for the improvement and optimization of power generation assets.
Fulvio Conti, Enel’s CEO, said: This agreement paves the way for a long lasting strategic alliance between two leading players in the natural gas and energy sector. It will allow Enel’s entry in one of the most important producing countries, and shall support Enel’s strategy of diversification of gas sources and vertical integration, from the gas production down to the power generation and distribution and sale of electricity and natural gas and diversification of natural gas sources.
