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An international court has ordered Egypt to pay 1.7 billion dollars to Israel in compensation over a gas supply deal that went bad.
Egypt had suspended gas supplies to Israel for security reasons after the two countries had signed a 20 year contract in 2008 for the supply of natural gas.
Egypt halted the deliveries of gas to Israel due to multiple terrorist attacks on the gas pipelines in northern Sinai. 40% of Israel ‘ s total consumption depended on Egyptian gas.
Naturally, the sharp drop in supply affected Israeli companies. The buyer, Israeli electricity company, filed for compensation and received a $1.7billion verdict plus expenses from the Egyptian Natural Gas (ENG).
