Israel’s Electric Corporation's Settlement Deal With Egypt Receives Regulatory Approval
IEC will receive about $100 million within the next year and then $50 million a year for eight years
The matter has been in international arbitration since the sabotage, with a 2015 court ruling stating that EGAS and EGPC should pay IEC $1.76 billion. EGAS and EGPC refused to pay, pushing the companies towards long negotiations, resulting in the settlement. IEC’s board approved the settlement in May.