News

Israeli Gas Company Wins Ruling to Sue Egypt Over Failed Deal

Israeli Gas Company Wins Ruling to Sue Egypt Over Failed Deal

Photo: Getty Images

Arbitrators of the International Centre for Settlement of Investment Disputes ruled in favor of the Israeli gas company of Ampal to sue the Egyptian government for unlawfully closing a gas pipeline in 2012, according to Haaretz.

The ruling didn’t specify the size of the award. However, the ruling sets a ceiling of $174mn as Egypt allegedly closed a gas pipeline unlawfully through which it used to export gas to Israel.

Ampal’s lawyers said that they are optimistic and believe that Egypt would have to pay. Haaretz continued that after former Egyptian president Hosni Mubarak was toppled in 2011, several gas pipelines that are passing from Egypt’s Peninsula of North Sinai to Israel were bombed several times since 2012.

Citing an anonymous source, Haaretz reported that several lawsuits were filed against Egypt and it hasn’t paid the damages imposed by the international courts. The source added that refraining from paying the damages may prevent future investments in Egypt.

Ampal filed the lawsuit against Egypt’s government in 2012. Therefore, Egypt had to cancel the gas deal with Israel in response. Ampal’s main holding was its 12% stake in the Eastern Meditteranean gas company, the owner of the Arish-Ashkelon pipeline.

Egypt 'Not Happy' with United States Report on Its Human Rights
Meet the Muslims: Islamophobic U.S. Nationals Invited for Free Trip to Egypt

Subscribe to our newsletter


News

More in News

Egypt’s House of Representatives Approves a $500 Million Loan to Reform Education

Marwan ShalabyJuly 18, 2018

Egyptian Parliament Passes New Law to ‘Fight Fake News’

Mirna AbdulaalJuly 18, 2018

Egyptian Military Officers May Receive Immunity Over 2013 Muslim Brotherhood Crackdown

Sabah KhodirJuly 17, 2018

Foreign Residents To Be Granted Egyptian Nationality For a Deposit of 7 Million LE

Mirna AbdulaalJuly 16, 2018

Case Of Three Slaughtered Children Found in Plastic Bags in Egypt Solved

Sabah KhodirJuly 16, 2018

New Administrative Capital Will be Egypt’s First Smart City

Mirna AbdulaalJuly 15, 2018

Six Egyptians Selected Among Young Africans for Obama Leadership Program

Egyptian StreetsJuly 15, 2018

Egypt’s Two Female Weightlifters Win Gold Medals at IWF Junior World Championships

Mirna AbdulaalJuly 14, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.