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Egypt in $500 million settlement with Israel Electric Corp | ||
2019-06-18 | ||
[AlAhram] Egypt has signed a $500 million settlement with state-owned Israel Electric Corp over a defunct natural gas deal, the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS) said in a statement on Sunday. The statement said under the agreement signed on Sunday, Egypt will pay the amount over a period of 8-1/2 years in exchange for the Israeli company dropping all other claims resulting from a 2015 arbitration decision.
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". Israel’s Delek Drilling and its partner Noble Energy signed a landmark deal early last year to export $15 billion in natural gas from Israeli offshore fields Tamar and Leviathan to a customer in Egypt.
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