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Friday, June 21, 2019
According to a statement jointly released by the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS), Egypt has signed a $500 million settlement with state-owned Israel Electric Corp to end the long-running dispute over a broken natural gas pipeline export deal. Egypt stopped delivering natural gas through the pipeline following numerous acts of sabotage on the pipeline, and as its domestic demand increased.
The statement said that under the agreement, Egypt will pay the amount over a period of eight-and-a-half years in exchange for the Israeli company dropping all other claims that resulted from a 2015 arbitration decision. The original decision by the International Chamber of Commerce would have seen Egypt liable for $1.7 billion.
Egypt appealed the decision and began discussions on a settlement. The EGPC and EGAS statement said the agreement was reached with government support and as part of efforts to ensure a “conducive investment environment.”
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