EMG shareholders pursue legal action against Egypt

By REUTERS
July 12, 2011 11:22



JERUSALEM - International shareholders in East Mediterranean Gas Co (EMG) pushed ahead with legal claims against Egypt for $8 billion in damages from contract violations in gas supplies, a company official said.




The decision came after saboteurs in the Sinai Peninsula for the third time this year blew up part of the Egyptian pipeline that feeds gas to Israel and Jordan.




Nimrod Novik, a member of the EMG board, told Reuters on Monday that shareholders from the United States, Thailand and Israel met a few days ago and decided to "seek protection from the international court of arbitration in Washington".



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