On December 3rd 2015, the International Chamber of Commerce (ICC) announced its ruling on the arbitration claim submitted by Israel Electric Company (IEC) against the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and East Mediterranean Gas Company (EMG). The ruling states that EGPC and EGAS are to pay the sum of $1.76b to IEC as compensation, in addition to paying to EMG the sum of $324m as compensation, including a substantial portion of EMG’s legal fees and arbitration costs.