{"id":599048,"date":"2019-06-17T04:00:33","date_gmt":"2019-06-17T04:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-to-pay-israel-usd-500-mn-settlement-to-end-seven-year-gas-dispute\/"},"modified":"2019-06-17T04:00:33","modified_gmt":"2019-06-17T04:00:33","slug":"egypt-to-pay-israel-usd-500-mn-settlement-to-end-seven-year-gas-dispute","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-to-pay-israel-usd-500-mn-settlement-to-end-seven-year-gas-dispute\/","title":{"rendered":"Egypt to pay Israel USD 500 mn settlement to end seven-year gas dispute"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <b>DISPUTE WATCH- Egypt to pay Israel USD 500 mn settlement to end seven-year gas dispute: <\/b>Egypt has agreed to pay USD 500 mn over 8.5 years to the Israel Electric Corporation (IEC) as a settlement for halting natural gas shipments in 2012, the Egyptian General Petroleum Corporation (EGPC) and EGAS said yesterday in a statement <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N23N0TY\">picked up by Reuters<\/a>. Egypt agreed to the reduced fine in exchange for the IEC dropping its other claims that arose from an arbitration decision in 2015, when the International Chamber of Commerce ordered Egypt to pay USD 1.76 bn.<\/p>\n<p><b>Background:<\/b> The IEC <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/04\/israel-electricity-company-admits-to-voluntarily-forgiving-usd-1-3-bn-of-egyptian-gas-debt-as-part-of-2018-arbitration-settlement\/\">admitted in April<\/a> that it was willing to accept a USD 500 mn settlement, amounting to a USD 1.3 bn write-off of the original USD 1.76 bn fine. Egypt had appealed against the International Chamber of Commerce\u2019s ruling, and made reducing the settlement a key condition for accepting a gas agreement with Israel. The two countries signed a USD 15 bn gas pact last year, which will see Delek Drilling and its partner Noble Energy supplying the Alaa Arafa-led Dolphinus Holding with 7 bcm of natural gas from Israel\u2019s Leviathan and Tamar gas fields. Delek\u2019s deputy CEO Yossi Gvura <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/03\/delek-hopes-to-start-gas-exports-to-egypt-by-the-end-of-june\/\">said earlier this month<\/a> commercial sales of natural gas to Egypt could begin by the end of June. The gas dispute originates from 2012 when terrorist attacks in the Sinai resulted in the Egyptian government suspending shipments of natural gas to Israel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- Egypt to pay Israel USD 500 mn settlement to end seven-year gas dispute: Egypt has agreed to pay USD 500 mn over 8.5 years to the Israel Electric Corporation (IEC) as a settlement for halting natural gas shipments in 2012, the Egyptian General Petroleum Corporation (EGPC) and EGAS said yesterday in a statement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[93,72,89,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599048","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-energy","tag-enterpriseam","tag-israel","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"64dbc725-90ea-4acd-bf30-9df074e7207f","is_powered_by":true,"section_story_id":"3443bfd1-c160-453e-afbd-94ca2518520f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[599032],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company intentionally kept the 85% write-off a secret until yesterday for diplomatic reasons,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591785,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/israeli-govt-green-lights-gas-exports-to-egypt\/","url_meta":{"origin":599048,"position":1},"title":"Israeli gov\u2019t green-lights gas exports to Egypt","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"Israel green-lights gas exports to Egypt: Israeli Energy Minister Yuval Steinitz yesterday gave the all-clear for Israel to begin exporting natural gas to Egypt, paving the way for the first gas shipments to arrive next month, according to the Jerusalem Post. Steinitz called the USD 19.5 bn gas agreement \u201cthe\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649328,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/swiss-court-rules-that-egypt-must-pay-israel-electric-usd-2-bn\/","url_meta":{"origin":599048,"position":2},"title":"Swiss court rules that Egypt must pay Israel Electric USD 2 bn","author":"enterpriseam admin","date":"30 April 2017","format":false,"excerpt":"Swiss court rules that Egypt must pay Israel Electric USD 2 bn: A Swiss court has rejected an appeal by EGAS and the EGPC to overturn a French court\u2019s decision last year ordering them to pay USD 2 bn in compensation to Israel Electric Corporation (IEC) for halting gas supplied\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603085,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egypt-and-israel-to-settle-gas-arbitration-in-coming-months\/","url_meta":{"origin":599048,"position":3},"title":"Egypt and Israel to settle gas arbitration in coming months","author":"enterpriseam admin","date":"15 April 2019","format":false,"excerpt":"A resolution to the nearly USD 1.8 bn Egypt-Israel natgas arbitration case seems to be within arm\u2019s reach, if statements from Israeli Energy Minister Yuval Steinitz to Reuters are anything to go by. \u201cI think there is already a final understanding, but it needs approval of the Israeli electric authority\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621947,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/","url_meta":{"origin":599048,"position":4},"title":"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling","author":"enterpriseam admin","date":"22 November 2018","format":false,"excerpt":"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling: The Madbouly government has finalized a settlement to reduce a USD 1.76 bn award Israeli Electric Company won in 2012 against EGAS, EGPC and East Mediterranean Gas (EMG), unnamed government sources told the domestic press. The settlement, awarded\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/israel-denies-it-is-making-concessions-on-the-intl-arbitration-award-against-egypt\/","url_meta":{"origin":599048,"position":5},"title":"Israel denies it is making concessions on the int\u2019l arbitration award against Egypt","author":"enterpriseam admin","date":"27 February 2018","format":false,"excerpt":"Israel denies it is making concessions on the int\u2019l gas arbitration award against Egypt\u2014have the two sides agreed just to gloss over it? 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