{"id":621947,"date":"2018-11-22T04:22:21","date_gmt":"2018-11-22T04:22:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/"},"modified":"2018-11-22T04:22:21","modified_gmt":"2018-11-22T04:22:21","slug":"egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/","title":{"rendered":"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling: <\/strong>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 <a href=\"https:\/\/alborsaanews.com\/2018\/11\/21\/1154018\">government sources<\/a> told the domestic press. The settlement, awarded for the cut-off of natural gas exports to our eastern neighbors, will be reduced and amortized over a period of time, one source said. Egypt will begin paying the fine as soon as Israel begins selling natural gas to Egypt sometime in 1H2019, allowing the government to pay off the fine using a portion of revenues from transporting the gas from Israeli fields through its pipeline network. <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/09\/gas-imports-from-israel-reducing-fines-egypts-gas-hub-plans-coming-through-offshore-companies\/\">Sources had told Bloomberg in August<\/a> that the Egyptian government has reached an agreement to reduce the arbitration award to USD 470 mn payable over a period of about 15 years. Egypt is believed to be lining up a facility from banks to cover the sum.<\/p>\n<p><strong>Background: <\/strong>The Egyptian government made settling the USD 1.76 bn award a condition for allowing any multi-bn agreement to buy gas from Israel. Word of a settlement in the offing emerged when Alaa Arafa\u2019s Dolphinus Holdings <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/20\/dolphinus-reportedly-signs-usd-15-bn-natural-gas-agreement-with-israel\/\">announced a USD 15 bn agreement<\/a> with operators of the Tamar and Leviathan fields, Delek and Noble Energy, to buy gas, which could be processed at Egyptian liquefaction plants and exported. The agreement paved the way for Noble Energy and Delek, along with their Egyptian partner East Gas, <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/30\/noble-delek-east-gas-sign-agreements-paving-the-way-for-gas-exports-to-your-favorite-new-regional-gas-export-hub\/\">to acquire a 39% stake<\/a> in pipeline operator East Mediterranean Gas (EMG) \u2014 a crucial milestone in Egypt becoming the regional export hub for the East Mediterranean gas fields.<\/p>\n<p><strong>EMG pipeline sidelined until the end of the year? <\/strong>Israel will export natural gas from its Tamar and Leviathan fields to Egypt through its domestic network and not the Sinai pipeline, which will be \u201cused at a later stage,\u201d Delek Drilling CEO Yossi Abu said, <a href=\"https:\/\/www.haaretz.com\/israel-news\/business\/gas-exports-to-egypt-will-initially-flow-through-pan-arab-pipeline-1.6662711\">according to Haaretz<\/a>. Initially, gas will be delivered from Israel through the Arab Gas Pipeline (which the Israeli\u2019s fondly refer to as the Pan-Arab pipeline) connecting Jordan and Egypt. Israel\u2019s gas network will be connected to the Arab Gas pipeline in May 2019, <a href=\"https:\/\/www.icis.com\/explore\/resources\/news\/2018\/11\/19\/10283464\/delek-s-israeli-regional-gas-exports-on-track-0xe2-0x80-ceo\/\">Abu said<\/a>. The EMG pipeline would be used to send gas to Egypt by December 2019, he added. The decision comes <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/06\/israel-may-struggle-to-deliver-gas-to-egypt-in-contracted-volume\/\">amid concerns<\/a> that the EMG pipeline would not be enough to meet the contracted delivery of 7 bcf per year, especially when the Leviathan field comes online.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 for the cut-off of natural [&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":[1054,93,72,89,2498,91,2380,7114],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621947","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-delek-drilling","tag-energy","tag-enterpriseam","tag-israel","tag-leviathan","tag-oil-and-gas","tag-speed-round","tag-tamar","wpautop","entry"],"acf":{"mongo_id":"8fec468b-4add-4204-b6cf-7f453173fbe7","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[621939],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling\" \/>\n<meta property=\"og:description\" content=\"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 for the cut-off of natural [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-22T04:22:21+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling\",\"datePublished\":\"2018-11-22T04:22:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\"},\"wordCount\":416,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Delek Drilling\",\"energy\",\"EnterpriseAM\",\"Israel\",\"Leviathan\",\"oil and gas\",\"SPEED ROUND\",\"Tamar\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/egypt-finalizes-settlement-with-israel-on-usd-1-76-bn-intl-arbitration-ruling\/\",\"name\":\"Egypt finalizes settlement with Israel on USD 1.76 bn int\u2019l arbitration ruling - 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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":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":621947,"position":1},"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? Senior Israeli officials have denied that last week\u2019s pact to export USD 15 bn worth of natural gas to Egypt included an agreement to squash a USD\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":621947,"position":2},"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":599048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-to-pay-israel-usd-500-mn-settlement-to-end-seven-year-gas-dispute\/","url_meta":{"origin":621947,"position":3},"title":"Egypt to pay Israel USD 500 mn settlement to end seven-year gas dispute","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"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\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":632746,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/19\/did-an-egyptian-court-really-order-egpc-and-egas-to-pay-emg-usd-1-03-bn-in-damages\/","url_meta":{"origin":621947,"position":4},"title":"Did an Egyptian court really order EGPC and EGAS to pay EMG USD 1.03 bn in damages?","author":"enterpriseam admin","date":"19 February 2018","format":false,"excerpt":"Did an Egyptian court really order EGPC and EGAS to pay EMG founder USD 1.03 bn in damages? Israeli newspaper Globes is claiming that a Cairo court ordered state energy companies EGPC and EGAS to pay Israeli businessman Josef Maiman, who co-founded East Mediterranean Gas (EMG) with Hussein Salim, USD\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":621947,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=621947"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621947\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621947"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621947"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}