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FINANCIAL NEWS
Egypt to appeal Swiss court choice on paying Israeli companies
07 Dec 2015
(MENAFN) Egypt will appeal the Swiss court decision of charging the ministry and the company of natural gas (EGAS) with USD 1.7bn to Israel Electricity Company and USD 288mn to the Mediterranean Gas company.
Furthermore, a global Swiss court issued a decision against Egypt, when the Israeli company filed a complaint calling on Egypt to pay USD 4bn, because of lack caused in their natural gas source.
Additionally, companions in the Israeli Leviathan gas field claimed that their original short term contract with an Egyptian company to supply it with gas.
Moreover, the nation saw a huge shortage of natural gas, which affected electricity and reached to constant power cuts in 2013 and 2014.
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