An ICC Tribunal (Geneva seat) has ordered the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company (the two Egyptian state owned energy companies) to pay approximately US$1.7 billion in damages to Israel Electric Corporation (the Israeli national electricity supplier).
The dispute raised significant issues concerning pipeline security (and the standards expected of reasonable and prudent operator in defending against sabotage), contractual interpretation and the quantification of damages for termination of long-term gas supply agreements. Further details are set out in the following article published in the Global Arbitration Review.
John McCaughran QC and Nicholas Sloboda acted successfully for Israel Electric Corporation, instructed by Norton Rose Fulbright LLP (Neil Q Miller, Katie McDougall, Emma Nierinck and Lola Akinpelu)