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Egyptian state oil firm EGPC and the Israel Electricity Company (IEC) have agreed to settle a long-running dispute over Cairo’s 2012 abrogation of a 2005 agreement to supply Israel with 1.7bcm/y of gas via the East Mediterranean Gas (EMG) pipeline, Egyptian media reports.
A 2015 ruling by the Geneva-based International Chamber of Commerce awarded Israel $1.76bn damages ( MEES, 11 December 2015 ). Ironically, the ruling proved more problematic to Israel than Egypt – given that Israel needed a settlement to advance its plans to use the route so ship gas to Egypt (see main story) and that Egypt had neither the cash nor the inclination to stump up the full whack. (CONTINUED - 286 WORDS)