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

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.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.