Egyptian gas and oil companies EGAS and EGPC appealed through the Swiss Supreme Court against an international ruling that both Egyptian firms had to pay $1.76 billion to the Israeli electricity company, Jordanian newspaper Al-Sabeel reported yesterday.
According to a statement, the Egyptian company EMG was also due to pay $288 million to the Israeli electricity company, according to a statement issued by the Israeli company which was reported by the Israeli economic newspaper the Marker, adding that Egypt had to pay the fine by December 2015.
The decision was issued three years after the complaint was filed by the Israeli electricity company, which demanded $4 billion in compensation for the harm caused by the halt in Egyptian gas supplies.
EGAS and EGPC rejected the outcome of the arbitration, the Marker said, noting that the two firms were ordered to freeze talks regarding importing Israeli gas until their legal status became clear after the arbitration decision.
The stalemate of the talks pushed Israeli Prime Minister Benjamin Netanyahu to dispatch his special envoy Yitzhak Molcho to Egypt several times to clear up the issue.
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