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FinancialNews


  • 17-06-19

    Egypt inks USD500m settlement deal with Israel

    (MENAFN) Egypt and Israel Electric Corporation were announced to have penned a settlement deal valued at USD500 million.

    In a statement issued by the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS), Egypt was explained to have made the move as a result of a halt on natural gas deliveries to Israel.

    Back in 2012, following terrorist attacks against pipelines linking Egypt and Israel, Cairo decided to halt its natural gas being received by Israel.

    Israel Electric Corporation filed a lawsuit against the Egyptian government over the move, resulting in an USD1.8 billion compensation.

    MENAFN1706201900450000ID1098646759

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