Egypt to Pay Israel $1.76 Billion after Halting Gas Supplies
Israel's state-owned electric utility says Egyptian natural gas companies will pay it compensation of $1.76 billion for halting gas supplies.
Egypt stopped selling natural gas to Israel in 2012 after months of attacks on a pipeline by militants in Egypt's Sinai Peninsula. The Israeli electric company sued the Egyptian providers EGPC and EGAS for $4 billion in damages. The company said it suffered heavy damages after gas supplies were halted and that it was forced to buy more expensive fuel to generate electricity, raising its costs
The company said Sunday that an international arbitrator awarded it $1.76 billion plus interest. The company said it will act in coordination with the Egyptian companies to implement the arbitrator's ruling.
over 8 years
in return, mubarak got roughly 2Bn$ a year from the US, to share between him and the corrupt military elites
direct result of the shameful "peace agreement" that was concluded between egypt and israel, whereby egypt committed to supplying israel with gas at subsidized prices.
the 4Bn$ amount corresponds to the annual subsidy that egypt has been paying to israel since 1979.