Egypt has refused the International Centre for Settlement of Investment Disputes’ ruling calling on it to pay compensation to state-owned Israel Electric Corporation (IEC) over the suspension of gas exports in 2011, a report by Arab Energy News revealed.
The report explained that Egyptian President Abdel Fattah Al-Sisi has decided to discuss exemptions from the fine payment with Israel.
Read: Israel reopens crossing with Egypt, warns ‘threat still severe’
A Swiss court has rejected an appeal by the Egyptian state-owned energy companies, Egyptian Natural Gas Holding Co. (EGAS) and Egyptian General Petroleum Corporation (EGPC), after a French court last year ordered them to pay $1.76 billion in compensation to IEC.
Egypt sold gas to Israel under a 20-year agreement that collapsed in 2012 after months of repeated attacks by insurgents on a pipeline serving Israel in Egypt’s Sinai Peninsula. In 2015, an international arbitrator said Egypt should pay nearly $2 billion in compensation because of the halt in the gas supply, leading to tensions between the two countries.
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