Cairo – Mubasher: State-run Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) have reached an agreement with Israel Electric Corp. to settle a 2012 dispute for halting natural gas supplies.
Under the deal signed on 16 June, Egypt will pay a reduced fine of $500 million, down from $1.7 billion, and the Israeli company will drop all other claims arising from an arbitration decision in 2015, EGPC said in a statement on Sunday.
Egypt will pay the fine over a period of eight and half years after breaking a natural gas supply contract signed in 2005 and the National Bank of Egypt (NBE) will issue a letter of credit.
