Settlement agreement ends Egypt's long-simmering gas dispute with Israel
Egypt and Israel reached a settlement deal ending a long-standing dispute over Egypt’s decision to cancel gas exports to Israel.
Egypt's Ministry of Petroleum has recently ended the long-simmering gas dispute with Israel after signing a settlement agreement worth $500 million to compensate Israel for halting deliveries of gas. Under the agreement, the compensation due to be paid to Israel has decreased from $1.8 billion to $500 million.
On June 16, the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) signed the agreement with the state-owned Israel Electric Corporation (IEC).
