On behalf of our client East Mediterranean Gas (EMG), Freshfields announces the release on December 4, 2015 of an award in EMG’s favor against the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) in an arbitration brought under the ICC rules and seated in Geneva.

The Award vindicated EMG’s recourse to ICC arbitration in Geneva over EGPC and EGAS’s objections, and held that EGPC and EGAS repudiated both the general gas sale agreement with EMG and a Tripartite Agreement between EMG, EGPC/EGAS, and the Israel Electric Corporation (IEC), which covers the gas volumes that EMG sold to IEC.

With respect to those volumes, the ICC tribunal awarded about US$324m to EMG including pre-judgment interest, and also ordered EGPC and EGAS to pay a substantial portion of EMG’s legal fees and arbitration costs.

EMG continues to pursue substantial claims against EGPC/EGAS in another arbitration proceeding, including in relation to the majority of gas volumes which were not addressed by the ICC award.

EMG is represented jointly by Freshfields, Firon & Co (Tel Aviv), and Shahid Law Firm (Cairo).

ENDS

For more information contact: Nick Parker PR Manager, E [email protected],  T +44 20 7427 3440