Cairo – Masaader News
Egypt reached a settlement agreement with Israel to pay a reduced fine for halting deliveries of natural gas, ending a dispute that started about seven years ago.
The accord signed June 16 cuts the fine to $500 million from $1.7 billion after reaching “an amicable agreement”, Egypt’s oil ministry said Sunday in a statement.
The fine will be amortized over 8 1/2 years and the National Bank of Egypt will issue a letter of credit.