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 Christians Celebrate Palm Sunday

Egyptian StreetsApril 21, 2019

Egyptian Peacekeeper Killed While on Mission in Mali

Egyptian StreetsApril 21, 2019

Death Toll Rises to 290, 500 Injured From Nine Bombings Targeting Churches, Hotels in Sri Lanka

Egyptian StreetsApril 21, 2019

A Quick and Simple Overview of Egypt’s Constitutional Amendments

Egyptian StreetsApril 20, 2019

Mohamed Salah: ‘We Need to Change the Way We Treat Women in Our Culture’

Egyptian StreetsApril 18, 2019

National Referendum on Constitutional Amendments to Take Place from Saturday to Monday

Egyptian StreetsApril 18, 2019

Parliament Approves Constitutional Amendments Extending Presidential Term

Egyptian StreetsApril 16, 2019

Independent Egyptian News Site ‘Mada Masr’ Named 2019 Free Media Pioneer

Egyptian StreetsApril 16, 2019
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.