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FINANCIAL NEWS
Egypt to pay USD2bn to Ampal-American Israel Corp
01 May 2017
(MENAFN) Egypt is obliged to pay an USD2bn to Ampal-American Israel Corp. for the damage made by the cessation of the export of natural gas from Egypt to Israel in 2012.
The country aims to negotiate in order to reach a solution after the Swiss court rejected the appeal filed by the government, while the situation will be comprehensively studied before making decisions.
Accordingly, refusing the appeal is an attempt to put pressure on the Egyptian side in order to ease conditions in terms of permitting foreign firms to import gas from Israel.
The Egyptian General Petroleum Corp and Egypt Gas are responsible for the attacks on the gas pipeline, which passes amid the Sinai desert to Israel.
MENAFN0105201700450000ID1095439591
MENAFN0105201700450000ID1095439591
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