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«Israel Power» from Egypt a billion-dollar compensation

Egypt will pay the Israeli «Electric company» of compensation in the amount of 1.76 billion U.S. dollars for the failure of gas supplies after the overthrow of President Hosni Mubarak in 2011. This decision was made by international arbitration.

We will remind that originally «Israel Power» sought from the company EMG and national gas companies of Egypt’s payment of four billion dollars as compensation for damages.

The lawsuit States that since February 2011 as a result of multiple explosions on the main gas pipeline leading to Israel, supplies natural gas from Egypt constantly frustrated.

In April 2012, the Egyptian government announced that refuses to perform signed in 2008 agreement on sale of gas. This agreement was subjected in Egypt, criticized, since opponents of the Mubarak regime argued that prices are too low.

Thus Israel has lost 18% of its required energy. «The electric company» had to switch to diesel, which is much more expensive. Note that the costs were passed on to the consumers – electricity prices rose by almost a third. Will the Israelis paid some compensation from the amount received from Egypt, not reported.




«Israel Power» from Egypt a billion-dollar compensation 06.12.2015

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