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Egypt's Gas Pipeline
Egypt will appeal a ruling by the Geneva-based International Chamber of Commerce to compensate Israel Electric Corporation (IEC) and Eastern Mediterranean Gas company (EMG) with $1.7 billion and $288 million, respectively, plus interest and legal expenses, according to a statement by the petroleum ministry.
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IEC and EMG resorted to international arbitration after attacks on the gas pipeline in North Sinai stopped the flow of gas they had received according to a 20-year agreement with Egypt.
In April 2012, Egypt stopped its gas sales to Israel, in a 20-year deal signed in 2005, following a year of sporadic attacks on the gas pipeline.
The Israel Electric Corp. demanded a compensation of $3.8 billion and the East Mediterranean Gas company which oversaw the deal demanded $1.5 billion, the statement read.
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The Egyptian government will suspend negotiations between companies and freeze the issuing of permits to companies importing gas from Israel, announced the statement.
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Egypt's privately-owned Dolphinus Holding signed a preliminary agreement with Delek Drilling and Avner Oil and Gas to import gas from Israel's Leviathian field when production begins in 2019.
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State-owned Egyptian Petroleum Company (EGPC) and Gas Company (EGAS) will appeal the ruling in the courts of Switzerland through its legal consultant Shearman & Sterling LLP.
