June 16, 2019 / 8:41 PM / a month ago

Egypt in $500 million settlement with Israel Electric Corp -statement

CAIRO, June 16 (Reuters) - Egypt has signed a $500 million settlement with state-owned Israel Electric Corp over a defunct natural gas deal, the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS) said in a statement on Sunday.

The statement said under the agreement signed on Sunday, Egypt will pay the amount over a period of 8-1/2 years in exchange for the Israeli company dropping all other claims resulting from a 2015 arbitration decision. (Reporting by Ehab Farouk, writing by Sami Aboudi Editing by Sonya Hepinstall)

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