Photo Credit: Abed Rahim Khatib / Flash 90
The state-owned Israel Electric Company has approved a settlement with the two Egyptian national gas companies to pay compensation over the Egypt’s failure to uphold its agreement to provide natural gas to Israel.
The Egyptian Natural Gas Holding Company (EGAS) and The Egyptian General Petroleum Corporation (EGPC) agreed to pay the IEC $500 million in compensation for the natural gas that could not be piped in.
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Radical Islamic terrorists repeatedly sabotaged the gas pipeline during the Arab Spring in 2011, leading to its shutdown and preventing Egypt from delivering the resource to Israel in accordance with the contract.
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