FILE - Israel's electricity power plant in Ashkelon is seen as people bath near kibbutz Zikim, on the Israel Gaza Border,  June 19, 2017.
FILE - Israel's electricity power plant in Ashkelon is seen as people bath near kibbutz Zikim, on the Israel Gaza Border, June 19, 2017.

CAIRO - Egypt says it has struck a deal with the state-owned Israel Electric Corp to settle a fine for halting deliveries of natural gas.
 
A statement from Egypt's Petroleum Ministry said the settlement deal, which was signed Sunday, would reduce the $1.7 billion fine to $500 million.
 
It says Egypt will pay the amount over eight and a half years.
 
In return, the Israeli company would drop other claims resulting from a 2015 arbitration decision.
 
Israel Electric had sued the state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas after a 2005 deal to export natural gas to Israel collapsed in 2012 amid militant attacks on a pipeline in the Sinai Peninsula, where Egypt has been battling insurgency for years.
 
  Israel relied on the pipeline to meet its energy needs.
 

 

 

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