Egypt to pay $ 500 million fine to Israel for failed gas deal – Israel News



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THE PLATFORM of the Noble Tamar natural gas pipeline, located about 23 km. near the southern co of Ashkelon

THE PLATFORM of the Noble Tamar natural gas pipeline, located about 23 km. on the south coast of Ashkelon.
(photo credit: CORTESIA DA NOBRE ENERGIA)

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Egypt will pay a $ 500 million fine to Israel for giving up a deal to supply natural gas following jihadist attacks on the Sinai Peninsula pipeline.

Under the agreement, Egypt will pay the fine in eight and a half years to state-owned Israel Electric Corporation. The fine was cut at $ 1.7 billion in an agreement reached on Sunday, according to the Egyptian Oil Ministry, Bloomberg said.

The fine was part of a 2015 arbitration decision of the International Chamber of Commerce.

By the time the gas supply was cut, Egypt was providing Israel with more than 40 percent of its natural gas needs to produce electricity.

Terrorists blew up the gas line three times during the first six months of 2011. Egypt canceled gas exports to Israel in 2012.

The sale of gas to Israel was unpopular among Egyptian citizens after the opening of the pipeline in 2008. Egyptian President Hosni Mubarak, who was ousted in early 2011, was accused of giving Israel an agreement on the gas agreement signed in 2005.

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