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French Law Office Defend Egypt Gas Export to Israel

Source: www.gulfoilandgas.com 2/16/2012, Location: Africa

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Israel is pressing charges against Egypt to the International Arbitration Court claiming that Egypt failed to meet gas export obligations through Eastern Mediterranean Company. Accordingly, the Egyptian General Petroleum Corporation (EGPC) begins to take action to defend its position.

According to an Egyptian source, Israeliís resort to the International Arbitration Court is only for forcing Egypt to accept new contract terms in favor of Israel. Holding meetings between the two sides to negotiate new contract terms is a clear evidence, the source added.

EGPC has clarified to the international French law office handling the case on behalf of Egypt that Al Arish gas pipeline explosion is the reason to blame for negative implications which harms not only Israel, but also Jordan.

The Arbitration may last for two years in which each party has the right to choose an arbitrator, and to reach an agreement for hiring a third arbitrator.

A reliable source quoted that Egypt decision to change the exporting gas prices to Israel is final and fair for a balanced deal; on the other hand Israel is asking Egypt for compensation due to the interruption of gas supply.

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