A Swiss court ruled that Egypt should pay a $2b compensation to Ampal-American Israel Corporation for the damage caused by the cessation of natural gas exports from Egypt to Israel in 2012, reported Daily News Egypt.
Government sources revealed Egypt’s intention to negotiate in order to reach a solution after the Swiss court rejected the appeal filed by the government, noting that the situation will be comprehensively studied before making any decisions.
An Israeli newspaper quoted a source close to the jury as saying that the Egyptian government did not pay the compensatory amounts imposed by international courts recently, and if Egypt did not pay, it will impact the future of foreign investments and lower Egypt’s credit rating.
Former Egyptian Minister of Petroleum and Mineral Resources, Osama Kamal, said that refusing the appeal is merely an attempt to put pressure on the Egyptian side to ease conditions in terms of allowing foreign companies to import gas from Israel, where Egypt is the only outlet for it.
He pointed out that the decision to stop exporting gas to Israel was correct, even if Egypt paid the compensation. He noted that the $2b is equivalent to the gap in exporting gas for less than a year if Egypt continued exporting gas at this low price.