Egypt agrees to pay Israel $500 million to end gas dispute June 17, 2019 A gas terminal in Egypt's northern Sinai after an attack. (AP Photo/Ashraf Swailem, File)AP Photo/Ashraf Swailem, FileEgypt agrees to pay Israel $500 million to end gas dispute Egypt says it has struck a deal with the state-owned Israel Electric Corporation to settle a fine for halting deliveries of natural gas. By Associated Press A statement from Egypt’s Petroleum Ministry said a settlement deal with the Israel Electric Corporation, which was signed Sunday, would reduce a $1.7 billion fine to $500 million. According to the statement, Egypt will pay the amount over eight and a half years. In return, the Israeli company will drop other claims resulting from a 2015 arbitration decision. Israel Electric had sued the state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas after a 2005 deal to export natural gas to Israel collapsed in 2012 amid terror attacks on a pipeline in the Sinai Peninsula, where Egypt has been battling factions like ISIS and Al-Qaeda for years. Israel relied on the pipeline to meet its energy needs. EgyptNatural Gas
