Egypt agrees to pay Israel $500 million to end gas dispute

A newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea, off the coast of Haifa, Israel January 31, 2019. (Reuters/File Photo)
Updated 17 June 2019
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Egypt agrees to pay Israel $500 million to end gas dispute

  • Egypt will pay the amount over eight and a half years
  • Reduces a $1.7 billion fine to $500 million

CAIRO: Egypt says it has struck a deal with the state-owned Israel Electric Corp. to settle a fine for halting deliveries of natural gas.
A statement from Egypt’s Petroleum Ministry said the settlement deal, which was signed Sunday, would reduce the $1.7 billion fine to $500 million.
It says Egypt will pay the amount over eight and a half years.
In return, the Israeli company would drop other claims resulting from a 2015 arbitration decision.
Israel Electric had sued the state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas after a 2005 deal to export natural gas to Israel collapsed in 2012 amid militant attacks on a pipeline in the Sinai Peninsula, where Egypt has been battling insurgency for years.
Israel relied on the pipeline to meet its energy needs.


Emaar, Beijing Daxing Int’l Airport in deal on $11bn project

Updated 22 July 2019
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Emaar, Beijing Daxing Int’l Airport in deal on $11bn project

DUBAI: Dubai’s Emaar Properties signed an agreement with Beijing Daxing International Airport to implement an $11 billion project that includes residential and leisure facilities, UAE state news agency WAM said on Monday.
The agreement, signed on the sidelines of a state visit by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed, includes the value of five square km of land at the airport.
Emaar will open an office in Beijing on Monday, the statement said.