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Egypt in $500 Million Settlement with Israel Electric Corp.
(Reuters) Egypt has signed a $500 million settlement with the Israel Electric Corp. over a defunct natural gas deal, Egyptian energy companies said Sunday. Egypt will pay the amount over 8 1/2 years in exchange for the Israeli company dropping all other claims resulting from a 2015 arbitration decision. The International Chamber of Commerce ordered Egypt to pay Israel Electric $1.8 billion in compensation after a deal to export gas to Israel via pipeline collapsed in 2012 after attacks by insurgents in the Sinai peninsula. Israel's Delek Drilling and its partner Noble Energy signed a $15 billion deal last year to export natural gas from Israeli offshore fields to Egypt and hope to begin commercial sales of natural gas to Egypt by the end of this month.