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

April 23, 2012 14:23


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"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.

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