Tags: ML | Israel | Egypt | Gas

Egypt to Pay Israel $1.76 Billion after Halting Gas Supplies

Monday, 07 December 2015 10:41 PM

JERUSALEM (AP) — Israel's state-owned electric utility said Sunday that Egyptian natural gas companies have been ordered to pay it $1.76 billion in compensation for halting gas supplies.

Egyptian Prime Minister Sherif Ismail said Egypt would appeal the decision by an international arbitrator, state-run MENA news agency reported.

Egypt stopped selling natural gas to Israel in 2012 after months of attacks on a pipeline by militants in Egypt's Sinai Peninsula.

The Israel Electric Corp. sued the Egyptian providers EGPC and EGAS for $4 billion in damages. The company said it suffered heavy damages after gas supplies were halted and that it was forced to buy more expensive fuel to generate electricity, raising its costs.

The company said Sunday that an international arbitrator awarded it $1.76 billion plus interest. The company said it will act in coordination with the Egyptian companies to implement the arbitrator's ruling.

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Israel's state-owned electric utility said Sunday that Egyptian natural gas companies have been ordered to pay it $1.76 billion in compensation for halting gas supplies.Egyptian Prime Minister Sherif Ismail said Egypt would appeal the decision by an international...
ML,Israel,Egypt,Gas
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2015-41-07
Monday, 07 December 2015 10:41 PM
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