Electric Corporation: Egypt gas cut-off won't affect us

By GLOBES
April 23, 2012 14:23

 
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 experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • 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

"The events are not expected to have a material adverse effect on the company," said Israel Electric Corporation (IEC) in its official response to yesterday's announcement by Egypt that it was terminating the gas supply contract with Israel.

Oil Refineries Ltd. also stated that it would not be affected by the cancellation of the agreement, because it has alternative liquid fuels.

"The events are not expected to have a material effect on the company's financial condition or on its cash flow beyond what has already been reported," said IEC. Egyptian gas deliveries have been constantly interrupted by 14 attacks on gas pipelines in Sinai, which carry natural gas to Israel, since February 2011. Egypt delivered natural gas to Israel via the East Mediterranean Gas Company (EMG), in which Ampal-American Israel Corporation owns a 12.5% stake.

Read the full story here

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
October 17, 2018
Trump: Cipollone will be next White House counsel

By REUTERS