The appeal was rejected: Egypt is obliged to pay IEC about $ 1.76 billion
The Israel Electric Corporation reported the rejection of the Egyptian appeal against the award of the arbitration between it and the gas companies from that country; After not receiving the promised gas due to the explosion of the pipeline in 2011; However, it is not clear how you will charge the money
Lior Gutman 17: 2527.04.17
Tags: Egypt Electric Company EMG Natural Gas
The Israel Electric Corporation (IEC) today announced that it was rejecting the Egyptian appeal for arbitration between it and the gas companies from that country, and that the Egyptian government was now required to pay huge compensation of $ 1.76 billion. This was due to the non-delivery of gas to Israel, which caused the Electric Corporation financial damage of billions of shekels.
Read more at Calcalist:
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Private power stations will take precedence over the IEC in the use of natural gas
In early 2011, the gas pipeline of EMG, which transported gas from Egypt through Sinai to Ashkelon and from there to the IEC power stations, was blown up. The Israel Electric Corporation has approached international arbitration with the Egyptian government and its national gas companies on the grounds of a business injury accompanied by a demand for compensation. EMG also sued the Egyptian government for failing to pump the gas and received $ 320 million.
Photo: API
In December 2015, compensation was determined in the amount of $ 1.76 billion in favor of IEC. However, the Egyptian government appealed to him when Egyptian ministers claimed that this was an unacceptable step, which could lead to the cancellation of any plans to purchase gas from Israel.
On April 27, 2017, the Company received a decision by the Supreme Court of Switzerland rejecting the appeal filed by the Egyptian National Gas Companies (EGAS and EGPC) and stating that the petitioners must pay the court fee and that the petitioners will be required to pay the Company compensation in respect of Court proceedings in the amount of 250 thousand Swiss francs "- beyond the payment of compensation originally determined. For the sake of comparison, if the Egyptian government pays the full amount, this is a sum of money that is equivalent to the quarterly revenues of IEC.
Despite the good news at IEC, they do not know when the money will come and how they will charge it. Last year, foreign media reports were published about a compromise that would be formed between the parties and would include payment of only half the debt, and it would also be transferred over ten years or more. The Electric Company refused to comment at the time, and even now they make do with reporting that the appeal of the original arbitration ruling was rejected
https://www.calcalist.co.il/local/articles/0,7340,L-3712174,00.html
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The Israel Electric Corporation reported the rejection of the Egyptian appeal against the award of the arbitration between it and the gas companies from that country; After not receiving the promised gas due to the explosion of the pipeline in 2011; However, it is not clear how you will charge the money
Lior Gutman 17: 2527.04.17
Tags: Egypt Electric Company EMG Natural Gas
The Israel Electric Corporation (IEC) today announced that it was rejecting the Egyptian appeal for arbitration between it and the gas companies from that country, and that the Egyptian government was now required to pay huge compensation of $ 1.76 billion. This was due to the non-delivery of gas to Israel, which caused the Electric Corporation financial damage of billions of shekels.
Read more at Calcalist:
The Court approved: The Electric Company will operate a free center and will pay NIS 1.4 million to Holocaust survivors
IEC is demanding NIS 110 million from former executives who received bribes from Siemens
Private power stations will take precedence over the IEC in the use of natural gas
In early 2011, the gas pipeline of EMG, which transported gas from Egypt through Sinai to Ashkelon and from there to the IEC power stations, was blown up. The Israel Electric Corporation has approached international arbitration with the Egyptian government and its national gas companies on the grounds of a business injury accompanied by a demand for compensation. EMG also sued the Egyptian government for failing to pump the gas and received $ 320 million.
Photo: API
In December 2015, compensation was determined in the amount of $ 1.76 billion in favor of IEC. However, the Egyptian government appealed to him when Egyptian ministers claimed that this was an unacceptable step, which could lead to the cancellation of any plans to purchase gas from Israel.
On April 27, 2017, the Company received a decision by the Supreme Court of Switzerland rejecting the appeal filed by the Egyptian National Gas Companies (EGAS and EGPC) and stating that the petitioners must pay the court fee and that the petitioners will be required to pay the Company compensation in respect of Court proceedings in the amount of 250 thousand Swiss francs "- beyond the payment of compensation originally determined. For the sake of comparison, if the Egyptian government pays the full amount, this is a sum of money that is equivalent to the quarterly revenues of IEC.
Despite the good news at IEC, they do not know when the money will come and how they will charge it. Last year, foreign media reports were published about a compromise that would be formed between the parties and would include payment of only half the debt, and it would also be transferred over ten years or more. The Electric Company refused to comment at the time, and even now they make do with reporting that the appeal of the original arbitration ruling was rejected
https://www.calcalist.co.il/local/articles/0,7340,L-3712174,00.html
translted by google
