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Egypt has Been Fined $2 Billion for Breaching Gas Contracts with Israel

Egyptian gas companies have been ordered to pay fines worth two billion dollars to Israeli state-owned electricity providers, which could hinder future gas deals between Egypt and Israel.

Egyptian natural gas companies, including Egyptian General Petroleum Corp. and Egyptian Natural Gas Holding, have been ordered by a Swiss court to pay two billion dollars worth of fines to the state-owned electricity companies in Israel. According to Bloomberg, Egypt has breached previously agreed upon contracts and is also liable for the pipeline attacks that have repeatedly halted the supply to Israel through the Sinai desert. 

As it stands, Israel has plans to become a future energy exporter and this quarrel serves as a significant setback for any coming deals to be made between Egypt and Israel. The Israeli companies are now looking for opportunities to export gas to neighbouring countries, despite Egypt being a suitable market according to Bloomberg. However, the Egyptian government insists that future deals - if they're to be made - should include resolutions to outstanding arbitration cases, which date back to 2015.


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