Misr Insurance estimated a pay out of LE28 million ($4.75m) to The Egyptian Natural Gas Co for first attack on the gas pipeline, which disrupted flow to Israel and Jordan.

The head of the hazards sector at Misr Insurance Company, Leila Azzam, gave an initial estimate of LE28 million ($4.75m) in compensation that they would pay out for the damage caused by the first attack in February 2011 to the Egyptian pipeline that funnels gas to both Israel and Jordan.

“Compensations of the second and third attacks to the gas line are not yet determined.” Azam told the Ahram Arabic gate.

She adds that Misr Insurance has commissioned international experts to assess the damage.

“The Egyptian Company for Natural Gas (GASCO) has insured the National Gas Network, which includes all the gas lines in Egypt, including the gas line to Israel and Jordan at LE9 billion ($1.5b),” Azam clarified

The latest damage to the internal pipeline from Egypt to Israel and Jordan occured on 4 July, 2011, with the first two occuring in February and April, 2011.

Source: Ahram Online