Cairo ordered to pay $2bn over gas dispute
Publish date: 10 September 2018
Issue Number: 790
Diary: IBA Legalbrief Africa
Category: General
An arbitration tribunal has ruled that Egypt must pay a Spanish-Italian joint venture $2bn in compensation for failing to honour a gas supply contract in the wake of the turmoil unleashed by the Arab Spring. BBC News reports that the case was taken to arbitration by Spain's Union Fenosa Gas in 2014 after Egypt stopped supplying gas to one of the joint venture's liquefied natural gas plants as the country faced internal energy shortages. The tribunal found that Cairo had contravened a bilateral investment protection treaty with Spain by blocking the gas supply.
