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EMG Shareholders Seek $8 Billion in Pipeline Damages From Egypt

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 shareholders from Israel, the U.S. and Thailand agreed on the action in the wake of three explosions in the past five months that damaged the pipeline, which carries gas from Egypt to Israel, Nimrod Novik, a member of the EMG board, said today. The company will pursue the claims through the International Court of Arbitration, a dispute resolution service run by the Paris-based International Chamber of Commerce.