Egypt vows to fight gas deal fine Egypt’s

Business monthly (Egypt) - - IN BRIEF -

gov­ern­ment has said it will ap­peal a rul­ing by an in­ter­na­tional arbi- tra­tion court that slapped state-owned gas com­pany EGAS with a $1.76-bil- lion fine for halt­ing gas sales to Is­rael. The fine stems from a deal in which EGAS sold gas to Is­raeli state-owned util­ity Is­rael Elec­tric Corp. via a natur- al gas pipe­line owned by the East Mediter­ranean Gas Com­pany. The deal was plagued by prob­lems even be­fore gas be­gan f low­ing through the pipe­line, and in the face of re­peated at­tacks against the pipe­line, low sup- plies and pub­lic op­po­si­tion to ex­ports to Is­rael, Egypt for­mally ter­mi­nated the agree­ment in April 2012. The disin- tegra­tion of the deal prompted a flurry

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