Shareholders of East Mediterranean Gas Co. will take legal action against Egypt, seeking more than $8 billion in damages for interruptions in natural gas supply through a cross-border pipeline, a company official said.
The half dozen or so low-rise buildings that house Apache's Egypt headquarters don't stand out from the Cairo neighborhood. The fleet of SUVs parked under the trees on the narrow residential street are the only clue that dozens of geologists and engineers are working inside.
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.
Natural-gas supplies from Egypt to Jordan will resume by the end of the week, following an explosion at a pipeline in the Sinai peninsula that halted the flow, the Cairo-based newspaper al-Ahram reported, citing Egyptian Oil Minister Abdalla Ghorab.