East Mediterranean Gas awarded $324m. from Egyptian national gas companies

By
December 8, 2015 21:18
1 minute read.

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

East Mediterranean Gas (EMG) – the multinational body responsible for the operation of the now defunct gas pipeline from Egypt to Israel – has been awarded $324 million from two Egyptian national gas companies, lawyers for the firm reported on Tuesday.

With the conclusion of arbitrations at the International Chamber of Commerce on Thursday, EMG is now entitled to receive the $324m. sum, as well as a substantial portion of the company's legal fees and arbitration costs, from the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC), a statement from the attorneys said.

The announcement comes two days after the Israel Electric Corporation revealed similar news, in which the International Chamber of Commerce awarded the Israeli company $1.76 billion from the same two firms, due to damages incurred from a cessation in gas supply in 2012.

In 2008, EGPC and EGAS began selling gas to the IEC, through the EMG pipeline – supplying the country with about 40 percent of its natural gas provisions. Yet saboteurs began thwarting the flow through Sinai pipeline explosions in 2011, which ultimately led the Egyptian government to terminate the gas sale agreement with Israel in April 2012.

Related Content

Breaking news
July 19, 2018
Nikki Haley: Human Rights Council is the United Nations’ greatest failure

By JERUSALEM POST STAFF