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Egypt owes $500m Israel for gas cuts

Egypt has signed a $500m settlement with state-owned Israel Electric Corp over a defunct natural gas deal the Egyptian General Petroleum Corporation and Egyptian Natural Gas said in a statement.
17.06.2019 - 12:46

Egypt has signed a $500 million settlement agreement with state-owned Israel Electric Corporation over the suspension of natural gas deliveries to Israel.

ISRAEL SUED THE EGYPTIAN GOVERNMENT OVER THE HALT OF GAS EXPORTS

The amount will be paid over a period of eight and a half years, the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS) said in a statement.

Cairo suspended natural gas deliveries to Israel in 2012 after militant attacks on the pipeline connecting the two countries. Israel Electric sued the Egyptian government over the halt of gas exports.