Egypt to appeal ruling to compensate Israel Electic Corp
Gas
Cairo - Arab Today
The Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and law firm Shearman & Sterling LLP affirmed that they will appeal a ruling by the Geneva-based International Chamber of Commerce to compensate Israel Electric Corporation (IEC) and Eastern Mediterranean Gas company (EMG) with 1.76 billion dollars and 288 million dollars respectively.
The arbitrator had also ordered them to pay interest and legal expenses.
The EGAS and EGPC said they had received instructions from the Egyptian government to freeze negotiations between companies to import gas from Israeli fields or to award import approvals until the legal position regarding the arbitration ruling and the results of the appeal are clear.
Sources: MENA
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