{"id":649615,"date":"2017-03-05T04:31:12","date_gmt":"2017-03-05T04:31:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/05\/icsid-rules-against-egypt-in-natural-gas-dispute-ampal-says-egypt-needs-to-pay-up\/"},"modified":"2017-03-05T04:31:12","modified_gmt":"2017-03-05T04:31:12","slug":"icsid-rules-against-egypt-in-natural-gas-dispute-ampal-says-egypt-needs-to-pay-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/05\/icsid-rules-against-egypt-in-natural-gas-dispute-ampal-says-egypt-needs-to-pay-up\/","title":{"rendered":"ICSID rules against Egypt in natural gas dispute, Ampal says Egypt needs to pay up"},"content":{"rendered":"

Ampal says arbitrator\u2019s decision means Egypt has to pay up:<\/strong> Ampal-American Israel Corporation, the Israeli company involved in the failed plan to import natural gas from Egypt through its 12% stake in Eastern Mediterranean Gas (EMG), says a decision by the International Centre for Settlement of Investment Disputes (ICSID) means that it is on track to receive compensation from Egypt. Globes<\/a> says that \u201cthe arbitration panel has ruled that Egypt was responsible for confiscation and other violations\u201d and was disclosed \u201cafter being submitted to New York Bankruptcy Court hearing the case of Ampal, which filed a lawsuit against the Egyptian government in 2013.\u201d ICSID has yet to set the size of the award, but the ruling caps it at USD 174 mn<\/strong>. In 2013, Ampal was liquidated under Chapter 7 bankruptcy proceedings, but its bondholders, who expect to be the main beneficiaries of the ruling, have not been compensated. A partner at an Israeli law firm representing EMG told Haaretz<\/a>: \u201cThe uniqueness of the arbitration panel is that its decisions can\u2019t be appealed \u2026 Since you can\u2019t appeal the verdict, the decision can be enforced and the property of Egyptians abroad, who aren\u2019t entitled to any government protection, can be confiscated.\u201d<\/strong> The Ampal case is unrelated to the EMG in 2015 where the International Chamber of Commerce court of arbitration in Geneva also ruled against Egypt.<\/p>\n

Could there be a possible impact on current investment regulations?<\/strong> ICSID had found Egypt\u2019s revocation of the tax exemption status of the EMG project until 2025 \u2014 afforded to it under the private free zones system \u2014 to be tantamount to expropriation and in breach of the bilateral investment treaty, according to IAReporter<\/a> (paywall). Basically, by canceling private free zone status to companies, Egypt could be holding itself liable in international arbitration. We do not see this as being a problem, as we noted last week<\/a> that the Investment Ministry plans to honor existing agreements with companies and allow them to extend their agreements under the new Investment Act.<\/p>\n

On a related note, Yossi Abu, CEO of Delek Drilling and Avner Oil, said a new 500 km pipeline from the Leviathan gas field \u201ccould have gas flowing to Turkey by the end of 2020<\/strong>, about a year after it comes online for the Israeli market,\u201d Reuters<\/a> reports. \u201cAdditional export destinations being discussed are Egypt, Europe and the Palestinian territories, including power plants in the Gaza Strip and West Bank, Abu said.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Ampal says arbitrator\u2019s decision means Egypt has to pay up: Ampal-American Israel Corporation, the Israeli company involved in the failed plan to import natural gas from Egypt through its 12% stake in Eastern Mediterranean Gas (EMG), says a decision by the International Centre for Settlement of Investment Disputes (ICSID) means that it is on track […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649615","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"868cf87c-ff0c-4b08-b868-c069846ce464","order":"0","is_powered_by":true,"section_story_id":"4bdc181e-f20a-4032-90d0-e2ad85e8ccc0","story_type":"1","photo_url":"","photo_position":"above","related_issue":[649601],"teaser":"","voice_url":""},"yoast_head":"\nICSID rules against Egypt in natural gas dispute, Ampal says Egypt needs to pay up - 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The Perth-based firm agreed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2977.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/egyptian-investor-threatens-ethiopia-with-arbitration-suit-for-tigray-damages\/","url_meta":{"origin":649615,"position":1},"title":"Egyptian investor threatens Ethiopia with arbitration suit for Tigray damages","author":"enterpriseam admin","date":"30 August 2021","format":false,"excerpt":"An Egyptian businessman is threatening to file an international arbitration case against the Ethiopian government for alleged damages incurred as a result of the current conflict in Tigray, according to a statement (pdf) he released yesterday. 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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 "Speed Round"","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":576031,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/egypt-found-in-breach-of-investment-treaty-in-cement-arbitration-case-but-dodges-damages\/","url_meta":{"origin":649615,"position":3},"title":"Egypt found in breach of investment treaty in cement arbitration case but dodges damages","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"DISPUTE WATCH- Egypt found in breach of investment treaty in cement arbitration case but dodges damages: The International Center for the Settlement of Investment Disputes (ICSID) has dismissed claims brought against the Egyptian government by Spanish cement group Cementos La Union despite finding Egypt in breach of a bilateral investment\u2026","rel":"","context":"In "Speed Round"","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":622505,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/03\/uks-malicorp-to-file-another-arbitration-case-against-egypt\/","url_meta":{"origin":649615,"position":4},"title":"UK\u2019s Malicorp to file another arbitration case against Egypt","author":"enterpriseam admin","date":"3 October 2018","format":false,"excerpt":"UK\u2019s Malicorp files new USD 500 mn arbitration suit against Egypt: UK construction firm Malicorp is planning to file another arbitration case against the Civil Aviation Ministry for USD 500 mn in compensation for terminating an 18-year-old contract to build, operate and manage an airport in Ras Sudr, sources close\u2026","rel":"","context":"In "Speed Round"","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":649615,"position":5},"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 "Speed Round"","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\/649615","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=649615"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/649615\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/649601"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=649615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=649615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=649615"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=649615"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=649615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}