Egypt Ordered to Pay Israel $1.76 Billion over Gas Supply

Source: Ahram Online 12/6/2015, Location: Africa

Egypt will appeal a ruling by the Geneva-based International Chamber of Commerce to compensate Israel Electric Corporation (IEC) and Eastern Mediterranean Gas company (EMG) with $1.7 billion and $288 million, respectively, plus interest and legal expenses, according to a statement by the petroleum ministry.

IEC and EMG resorted to international arbitration after attacks on the gas pipeline in North Sinai stopped the flow of gas they had received according to a 20-year agreement with Egypt.

In April 2012, Egypt stopped its gas sales to Israel, in a 20-year deal signed in 2005, following a year of sporadic attacks on the gas pipeline.

The Israel Electric Corp. demanded a compensation of $3.8 billion and the East Mediterranean Gas company which oversaw the deal demanded $1.5 billion, the statement read.

The Egyptian government will suspend negotiations between companies and freeze the issuing of permits to companies importing gas from Israel, announced the statement.

Egypt's privately-owned Dolphinus Holding signed a preliminary agreement with Delek Drilling and Avner Oil and Gas to import gas from Israel's Leviathian field when production begins in 2019.

State-owned Egyptian Petroleum Company (EGPC) and Gas Company (EGAS) will appeal the ruling in the courts of Switzerland through its legal consultant Shearman & Sterling LLP.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

United Kingdom >>  8/9/2022 - Centrica and Delfin Midstream Inc. announced the signing of a Heads of Agreement to purchase 1.0 million tonnes per annum (MTPA) of Liquefied Natural ...
Australia >>  8/8/2022 - Beach Energy (BPT, Beach) is pleased to confirm finalisation and signing of the LNG Sale and Purchase Agreement (“SPA”) with BP Singapore Pte. Limited...

Brazil >>  8/5/2022 - Petrobras, following up on the release disclosed on 05/24/2022, informs that it has celebrated a new addendum to the natural gas purchase contract wit...
Pakistan >>  8/3/2022 - Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered a Memorandum of Understanding (“MOU”) with Excelerate Energy, ...

Netherlands/Holland >>  8/1/2022 - Gasunie subsidiary EemsEnergyTerminal has sold the remaining capacity of the LNG terminal in Eemshaven to ENGIE SA who purchased the last 1 billion cu...
Russia >>  7/29/2022 - In the course of its business, the JSC “Latvijas Gaze” purchases natural gas from other suppliers, paying in the EUR currency as required under the re...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.