Egypt to Pay Israel $1.76B for Halting Gas Supplies
Israel Electric Corp, Israel’s state-owned electric utility, said on Sunday that Egyptian natural gas companies will pay Israel compensation of $1.76 billion for halting gas supplies.
Egypt had been selling natural gas to Israel under a 20-year agreement, but the deal collapsed in 2012 after months of attacks on the pipeline by militants in Egypt’s Sinai peninsula.
Egypt Mediterranean Gas, the company that oversaw the gas deal, sued for $4 billion in damages, but an international arbitrator awarded Israel Electric $1.76 billion plus interest and legal expenses, the Israeli company said in a statement.
The company said it had suffered heavy damages after gas supplies were halted, forcing it to buy more expensive fuel to generate electricity and raising its costs.
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