Israel Electric Corp demands $1.76 billion fro Egypt

December 6th, 2015

Awake Goy

nsnbc : Israel’s State-owned Israel Electric Corporation announced on Sunday that it demands $1.76 from Egypt in compensation for non-delivery of gas after the eruption of conflict in Egypt’s Sinai peninsula in 2013.

Israel Electric Corp issued a statement, saying that it demands compensation from Egypt for halting gas supplies that Egypt was contractually bound to deliver under a 20-years agreement. The agreement collapsed in 2012 after months of attacks on the pipeline between in Egypt and Israel in Egypt’s Sinai peninsula.

Asserting control over the Sinai peninsula and securing the pipeline became increasingly for Egypt as it was facing a growing insurgency, especially in Egypt’s North Sinai peninsula, after the ouster of former president Mohamed Morsi.

Egypt is currently fighting the Daesh (ISIS / ISIL) associated Ansar Bayt Al-Maqdis (ABM) and other insurgencies in the Sinai province. Subsequent to the ouster of Mohamed Morsi, the ABM grew from a relatively obscure terrorist group with the capacity to carry out isolated small bombings and assassinations to a major insurgency. The evolution of the ABM involved the integration of militant Muslim Brotherhood elements, elements of the Palestinian, Muslim Brotherhood-linked Hamas, domestic and foreign Salafist insurgents and covert financial and other support via Qatar, Turkey, and according to some analysts Israel.

Egypt Mediterranean Gas, the company that oversaw the Israeli – Egyptian agreement, sued for $4 billion in damages. An international arbitrator, however, awarded Israel Electric Corporation $1.76 billion plus interest and legal expenses, said the Israeli company said in a statement. Israel Electric Corp claims is had suffered substantial damages after gas supplies were halted and that it was forced to buy more expensive fuel to generate electricity, raising its costs.

F/AK – nsnbc 06.12.2015

Source Article from http://nsnbc.me/2015/12/06/israel-electric-corp-demands-1-76-billion-fro-egypt/

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