Draft:EMG

East Mediterranean Gas Company (EMG)

Peace Pipeline

Formation and Early History:

The East Mediterranean Gas Company (EMG) was established in 1995 in response to a significant increase in Egypt's gas reserves. During this period, Egypt aimed to export a portion of its natural gas, predominantly owned by exploration companies, to alleviate the financial burden on the Egyptian treasury. According to the production sharing agreements, an option exists to export or purchase this gas from foreign entities companies. [1]

Per the peace treaty established between Egypt and Israel, Israeli enterprises were granted the right to engage in tenders to procure Egyptian crude oil. However, during the 1990s, the sulfur content of Egyptian crude oil began to rise significantly, rendering it unsuitable for Israeli refineries.[2][3]

Egypt and Israel sought to establish commercial agreements aimed at reinforcing peace through economic exchange. This concept originated from a meeting between Egyptian President Hosni Mubarak and Israeli Prime Minister Ariel Sharon, during which it was proposed that Egypt could supply Israel with natural gas.[4][5]

The initiative garnered significant momentum, particularly following the success of Alexandria's Middle East Oil Refinery (MIDOR) MIDOR, which represented the first collaborative project between Israeli and Egyptian businesspersons and proved highly successful. [6]

As one of the most advanced refineries in Africa, MIDOR was the first grassroots refinery in Egypt, employing deep conversion units to optimize the production of high-quality petroleum products. This project was financed by the European Investment Bank (EIB), which referred to MIDOR and the cooperation between Egyptian and Israeli businesspersons as its landmark project in the region. [7]

Hussein Salem recommended transitioning the project to a private sector initiative following his successful collaboration on the inaugural project between Egypt and Israel, which resulted in establishing the MIDOR oil refinery.

EMG Initial Idea: The project was initially conceived as a pipeline extending from Al Arish, Egypt, to Turkey, including branches leading to Israel, Lebanon, and Syria. However, the government of Lebanon opted not to accept gas supplied by the same pipeline that feeds Israel. This configuration was deemed more efficient than constructing the Arab Gas Pipeline from the southern region of Sinai to Jordan and Syria, particularly in terms of time and cost savings, as well as circumventing Syrian oversight of the gas supply to Lebanon.[8][9]

Pursuant to the approval granted by the Prime Minister on January 23, 2000, for the establishment of the East Mediterranean Gas Company project, the Chairman of the General Authority for Investment and Free Zones issued Decree No. 230 on January 29, 2000, sanctioning the establishment of the East Mediterranean Gas Company project within the framework of the special free zones system, in accordance with the provisions of the Investment Guarantees and Incentives Law No. 8 of 1997 and its executive regulations.

EMG was formally established in the year 2000 by the entrepreneur Hussein Salem. The initial shareholders comprised Hussein Salem Companies, holding a 65% stake, Israeli businessman Yossi Maiman with a 25% share, and the Egyptian General Petroleum Corporation (EGPC), which possessed a 10% interest.[10]

EMG Objective (as per EMG Article of Association) The company specializes in buying quantities of exportable excess gas from the Egyptian General Petroleum Corporation and from foreign gas investment companies working in Egypt, in its various types, natural gas or liquid type, and transporting and selling it from all Egyptian ports to eastern neighboring countries.

Legal Form an Egyptian joint stock company, according to the special free zones system, under the provisions of Investment Incentives and Guarantees Law No. 8 of 1997. This was later changed when Egypt revoked the special free zone areas as per Law No. 114 of 2008.

Capital The authorized capital amounts to US$300 million, while the issued capital totals US$100 million. The proportion of Egyptian participation constitutes 30%, with foreign participation being 70%.

In 2005, the paid-in capital was modified to US$147 million, with the valuation of shares adjusted to US$1 each, rather than US$1000. The restructuring of shareholders occurred as follows:

Company	Ownership %	Owner
Mediterranean Gas Pipeline Company BVI	65%	Hussein Salem
Merhav mnf Israeli	25%	Yossi Maiman
EGPC	10%	Government of Egypt

In the years 2007 and 2008, the shareholders of EMG underwent restructuring. These modifications signify a strategic initiative aimed at enhancing the company's financial stability, operational efficiency, and geopolitical position while also promoting regional stability and cooperation.

Increased International Investment: The engagement of international investors, including Sam Zell, PTT International Company Limited, and various Israeli investment funds, signifies a burgeoning confidence in the project's feasibility and potential for profitability. This influx of investment may subsequently attract additional capital and expertise, bolstering the company's financial and operational capacity.[11]

In July 2007, the Mediterranean Gas Pipeline Company MGPC divested 12% of its East Mediterranean Gas Company (EMG) shares to EGI-EMG L.P., affiliated with the EGI Group, helmed by American entrepreneur Sam Zell.

This transaction constitutes an integral component of a comprehensive strategy to attract international investment and expertise to the project, thereby enhancing its financial and operational capabilities. The participation of Sam Zell and his EGI Group has garnered considerable attention towards the initiative, underscoring the strategic significance of the gas pipeline in the region.

This pipeline was instrumental in transporting natural gas from Egypt to Israel, playing a significant role in the energy cooperation between the two nations. Zell articulated that his investment in EMG was motivated not solely by economic benefits but also by a desire to foster peace and stability in the region. Shareholder Structure

Company	Ownership	Owner
Meditternena Gas Pipeline Company BVI	53%	Hussien Salem
Merhav mnf Israeli	25%	Yossi Miman
EMG-EGI L.P. Cayman Island	12%
EGPC	10%	Government of Egypt

In 2008, EMG shareholders were restructured as follows

In 2008, PTT International Company Limited (PTT INTER), a subsidiary of PTT in Thailand, obtained a 25% ownership interest in the East Mediterranean Gas Company (EMG) for an estimated amount. This investment constituted a strategic initiative by PTT to enhance its global presence and ensure the availability of energy resources. [12]

In 2008, Merhav M.N.F. Ltd. divested 8.59% of its equity interest in East Mediterranean Gas Company (EMG) to Merhav Ampal Energy Holdings Ltd., an Israeli enterprise. Furthermore, Merhav M.N.F. disposed of an additional 8% of its shares to Merhav Ampal Energy Ltd., also an Israeli entity. [13]

Company	Ownership Percentage
Mediterranean Gas Pipeline Company	28%
PTT International Company Limited (PTT INTER)	25%
Merhav Ampal Energy Holdings Ltd.	8.59%
Merhav Ampal Energy Ltd.	8.21%
Merhav mnf	8.21%
EGI-EMG L.P.	12%
EGPC	10%

Project Development Since the Inception of EMG in 2000:

The project encountered delays as a result of the Second Intifada; however, in 2003, during a subsequent meeting between President Mubarak and the Israeli Prime Minister, Mubarak reiterated Egypt's commitment to providing Israel with natural gas.

Hussein Salem organized a technical and commercial team to ensure the successful execution of the project. Abdel Hamid Ahmed Hamdy, Maamoun Sakka and others led this team. They initiated the project by negotiating Gas Sales and Purchase Agreements (GSPA) between East Mediterranean Gas (EMG), the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS).

As well as with the Israel Electric Corporation. Additionally, they entered into contracts with All Seas for the pipeline construction and with KT Tecnimont Italy for the onshore projects in Al Arish and Ashkelon while coordinating the Memorandum of Understanding (MOU) between the two countries.[14][15]

The European Investment Bank (EIB) was particularly interested in the EMG project as it was seen as a vital step in cementing peace in the region. The EIB had previously financed the Midor project and had a positive experience working with Hussein Salem and Yossi Maiman. [16]

This project was even dubbed the "Peace Pipeline" by the EIB due to its significance in fostering regional stability. However, due to the lengthy process involved with the EIB, EMG was obliged to seek funding from the National Bank of Egypt (NBE). [17]

Ultimately, the project was financed through a structured project finance model totaling USD 340 million, with 25% equity and 75% debt.

Operations and Agreements:

The tender process commenced in 2000 after discussions between officials from Egypt and Israel. This initiative was under the peace treaty established between the two nations, facilitating economic cooperation, particularly in energy trade. EMG won the tender, and negotiations started between EMG and IEC to sign the GSPA (Gas Sales Purchase Agreement).[18][19]

In 2005, the Arab Republic of Egypt and the State of Israel entered into a significant Memorandum of Understanding (MOU) regarding the exportation of natural gas from Egypt to Israel. This agreement was facilitated by Minister Sameh Fahmy, who is responsible for petroleum, and Minister of Infrastructure Bin El Azer of Israel. [20]

The MOU was approved by the Egyptian cabinet, which authorized the Minister of Petroleum Sameh Fahmy to execute the MOU.

It involved the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) supplying natural gas to the East Mediterranean Gas Company (EMG), which subsequently transported it to Israel. The MOU guaranteed a consistent and uninterrupted natural gas supply for 15 years, with an annual capacity of up to 7 billion cubic meters (bcm). [21]

Furthermore, the Memorandum of Understanding (MOU) stipulated that the gas pipeline would traverse the territorial waters of Egypt prior to entering international waters, thereby circumventing the territorial waters of Gaza and facilitating access to the territorial waters of Israel.

Phase 1: Exporting Gas to Israel

In 2005, EMG entered into its inaugural Gas Sale and Purchase Agreement (GSPA) with the Israel Electric Corporation (IEC) to facilitate an annual supply of up to 2.1 billion cubic meters (BCM) of gas. Additionally, EMG executed a GSPA with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) to guarantee the delivery of 7 BCM of natural gas annually for 20 years. [22]

The GSPA used a pricing formula linked to crude oil, heavy oil, and various oil prices on a free-on-board (FOB) basis at the Mediterranean Coast. [23]

The project was completed in 2008, with the commencement of gas flow occurring in the same year. [24][25]

Between 2007 and 2009, EMG engaged in numerous Gas Sales and Purchase Agreements (GSPAs) with various Israeli companies. EMG formalized a GSPA with ORL, also called Haifa Refineries, aimed at providing natural gas for their refining operations. Additionally, EMG entered into a GSPA with Dorad Energy Ltd., recognized as one of Israel's largest private power plants, to facilitate natural gas supply for electricity generation. Furthermore, EMG signed a GSPA with American Israeli Paper Mills Ltd. (currently integrated within Hadera Paper), to ensure the provision of natural gas for their industrial operations.[26][27][28][29][30]

In 2009 and 2010, the Board of Directors of EMG authorized the securitization of its revenues by issuing international bonds. This strategic decision was made to enhance EMG's financial stability and support its initiatives to promote peace further.

Goldman Sachs was retained to perform a comprehensive due diligence process. Subsequently, in early 2011, Goldman Sachs published a valuation report presenting a detailed evaluation of EMG's financial health and potential. [31]

Pipeline Details: The EMG pipeline is approximately 100 km long and has a diameter of 26 inches. It can transport approximately 7 billion cubic meters (BCM) of natural gas annually, which corresponds to approximately 685 million standard cubic feet per day (mmscf/d). The pipeline extends from Al Arish in Egypt to Ashkelon in Israel.

The pipeline system starts at the El Arish compression station, connecting to the 36-inch Egypt National Gas Grid pipeline. It then transitions via 1.5 km landfall to the sealine, which in turn connects to the Ashkelon landfall and finally into the Israel Natural Gas Lines Company Ltd grid connection.

The pipeline's landing point is offshore in the Sheikh Zwaiyed Area-Al Arish. It traverses Egyptian territorial waters, international waters, and Israeli territorial waters before reaching the landing point in Ashkelon.

At Al Arish, it interfaces with the Egyptian Natural Gas Grid. At Ashkelon, it connects with the National Gas Authority INGL infrastructure and the Eilat-Ashkelon Pipeline Company (EAPC) facilities.

Pipeline Specifications: Internal Diameter: 630.0 mm، Pipe wall thickness: 15.0 mm, 20.00mm and 23.30mm، Material Grade: SAWL 450 IFD

Operation limitations: Design Pressures: 120 Barg maximum، Temperature: +70 deg C maximum، Service: Sweet, dry gas

DNV Certificate Compliance

EMG pipeline system has been verified to comply with the requirements of the following standards:

DNV GL Offshore Standard DNVGL-ST-F101: 2017: This standard applies to the pipeline sections traversing both Egyptian and international waters.

ASME B31.8:2003: This standard governs the pipeline section onshore at El Arish.

NEN 3650:2003: This standard is applicable to the pipeline sections within Israeli waters and onshore at Ashkelon.

DNVGL-RP-F116: 2017: This standard specifies the operational limitations noted above, including design pressures, temperature, and service conditions.

The pipeline system adheres to the requisite standards and operational specifications. Its design instils confidence in its safety, reliability, and performance throughout its entire length, spanning from the offshore Sheikh Zwaiyed Area-Al Arish to Ashkelon.

Amending Gas Prices with Israel Electric IEC- 2009

In 2009, EMG and the Israel Electric Corporation (IEC) agreed to amend the gas pricing stipulated in their existing Gas Supply and Purchase Agreement (GSPA). [32]

This amendment was deemed necessary due to prevailing changes in the global energy market and the fluctuations observed in natural gas prices.

The newly established pricing formula was based on linking to a composite of energy commodities, including crude oil and heavy oil, to more accurately reflect market conditions and to guarantee a fair price for both parties involved.

In 2009, the amendment also included that the price amendment would be retroactive and a provision stipulating that should gas prices exceed a specified benchmark, Egypt would receive 80% of the resultant difference, while EMG would receive only 20%.[33][34]

This revised pricing agreement has contributed to stabilizing the financial viability of the gas supply arrangement, thereby ensuring a continued and reliable supply of natural gas to Israel.

Criticism and Controversies: Following the signing of the Gas Sale and Purchase Agreement (GSPA) with EGPC/EGAS, EMG faced gas purchasing prices that were 20% to 25% higher than the prices paid for gas supplied to Jordan and Spain via LNG. Moreover, the amendment made in 2009 further exacerbated these costs.

The project attracted significant criticism due to its association with Israel, particularly from groups that opposed the peace treaty between Egypt and Israel.

The Muslim Brotherhood and various political factions alleged that the project was selling gas at unjustifiably low prices. While the price set by the Gas Sale and Purchase Agreement (GSPA) was based on a globally recognized pricing formula tied to crude oil and related products within the Mediterranean context, critics maintained that the prices were still inappropriately low. Despite implementing these pricing measures, dissent persisted, with adversaries arguing that the prices remained unacceptably low. [35]

Termination of the Supply GSPA and Egyptian Parliament Statement (2012) :

On April 19, 2012, the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) sent EMG a notice of termination of the Source GSPA, citing alleged non-performance by EMG.

EMG responded that the termination attempt was invalid and in bad faith. Despite this, under protest, EMG accepted the termination notice on May 9, 2012. Terminating the gas supply agreement was part of a broader decision by the Egyptian government to cease gas exports to Israel, which the Egyptian parliament supported. The political climate influenced this decision following the 2011 revolution and the widespread criticism of the gas deal with Israel.[36][37][38]

The Attacks on the Trans-Sinai gas pipeline

After the revolution in Egypt in 2011, the Trans-Sinai 36-inch pipeline, which is responsible for providing natural gas to the EMG site, has endured multiple attacks. [39]

These assaults have been executed by various militant groups and insurgents active within the Sinai Peninsula.

This pipeline, which performs a vital role in the exportation of natural gas to Israel and Jordan, has experienced recurrent bombings and acts of sabotage, resulting in significant interruptions to the gas supplies.[40][41]

Comments on Pipeline Attacks: After multiple attacks on the Trans-Sinai gas pipeline. Mahmoud Mekki, a high-ranking judge and later Vice President of Egypt, publicly saluted these attacks, viewing them as acts of resistance against the perceived injustices of the previous regime. His comments reflected the sentiments of many Egyptians who opposed the gas deal with Israel and saw the attacks as a form of protest. [42]

Court Cases Against Hussein Salem, Mubarak, and Others:

Hussein Salem, a pivotal figure in establishing EMG, encountered several legal proceedings in Egypt. In 2011, he was sentenced in absentia to fifteen years of imprisonment for corruption associated with the gas deal involving Israel. [43]

Nevertheless, in 2017, the Cairo Criminal Court exonerated Salem and his family members from allegations of money laundering linked to the gas export agreement. The court determined that Salem had reconciled with the state and returned the funds he had unlawfully obtained through the transaction deal. [44]

Former President Hosni Mubarak and his sons were implicated in various corruption cases associated with the gas deal. Mubarak was initially found guilty but was later acquitted upon retrial. [45]

In a similar vein, Sameh Fahmy, the former Minister of Petroleum, along with six other officials from the Ministry of Petroleum, were convicted in 2012 for selling gas to Israel at prices below the market rate. However, they were acquitted upon retrial in 2015, and this acquittal was upheld by the Court of Cassation 2016.[46][47][48]

During the court proceedings, Omar Suleiman, the former head of Egyptian intelligence, testified that the gas deal with Israel was a strategic decision aimed at strengthening political and economic ties between the two countries. He emphasized that the agreement was part of broader efforts to ensure regional stability and secure Egypt's role as a key energy supplier.[49][50]

The court issued its ruling of acquittal based on the findings of a specialized report prepared by a committee of four appointed experts. This report concluded that the gas price was consistent with market value and indicated that the Egyptian economy did not incur any losses as a result of the transaction. [51]

Purvin & Gertz Reports on EMG Gas Prices:

Purvin & Gertz, a renowned energy consulting firm, issued various reports which consistently showed that EMG's gas prices were higher than the average selling prices in the region. Their analyses included detailed assessments of market trends, pricing formulas, and the impact of geopolitical factors on gas prices.

These reports were submitted to the court, and an expert from Purvin & Gertz testified in person during the court proceedings.

Arbitration and Legal Disputes: EMG filed a request for arbitration against EGAS and IEC to the International Court of Arbitration of the ICC, alleging that EGAS had violated its gas supply obligations under both the GSPA and the Tripartite Agreement.

Details of Arbitration Cases: The case EMG v. EGPC, EGAS, and IEC (ICC Case No. 18215/GZ/MHM) was initiated by EMG on October 6, 2011, against EGPC, EGAS, and IEC. EMG alleged that EGAS had violated its gas supply obligations under both the GSPA and the Tripartite Agreement. The arbitration was conducted under the ICC Arbitration Rules 1998, with the seat of arbitration in Geneva and the applicable law being that of England and Wales. On December 4, 2015, the tribunal issued a final award in favor of EMG, ordering EGAS and EGPC to pay compensation for the breaches of the GSPA and the Tripartite Agreement. The Swiss Federal Supreme Court later upheld the award on April 25, 2017.[52][53][54]

EMG Shareholders also filed arbitration cases against the Government of Egypt under the Investment treaties between Egypt and their countries accordingly, EGI, Merhav Ampal filed under the ICSID and Huge (Need more details)[55][56]

Phase 2: Post-2012 Developments.

Key Developments and Agreements

• 2012: Termination of the GSPA by EGPC and EGAS.
• 2015: Final arbitration award in favour of EMG
• 2019 Settlement negotiations [57]
• 2020: Reverse gas flow from Israel to Egypt, enabling Egypt to import gas from Israel's Tamar and Leviathan fields. [58]

The settlement strategy revealed that all arbitration cases, for which the awards could have imposed a financial burden of approximately US$ 4 billion on Egypt, can be amicably resolved through the reversal of the pipeline.

The Egyptian leader announced that Egypt would allow the settlement of the arbitration awards and import the gas based on certain conditions that must be met:

i) all arbitration disputes to be settled, and ii) The Egyptian economy would benefit from such agreements. [59]

The conditions established were duly noted, leading to the conclusion of a settlement; EMG entered its second phase, which involved importing gas from Israel.

2019: EMED Acquisition

The EMED consortium, which includes Delek Drilling, Chevron (after it acquires Noble Energy), and East Gas of Egypt, has acquired a 39% stake in EMG as part of the broader settlement to resolve the arbitration disputes.[60][61]

2020: Reverse Flow of Gas

The EMG pipeline is repurposed to allow the reverse flow of natural gas from Israel to Egypt, enabling Egypt to import gas from Israel's Tamar and Leviathan fields. [62]

In January 2020, natural gas commenced its flow through the EMG pipeline to Egypt. This event signified the initiation of substantial Israeli gas exports after the operational launch of the Leviathan gas field in December 2019. [63]

Current Shareholders

Shareholder	Stake	Details
EMED BV	39%	Joint venture comprising Delek Drilling, Chevron (following its acquisition of Noble Energy), and Egypt’s East Gas.
SNAM B.V.	25%	Leading energy infrastructure operator based in Italy, involved in natural gas transportation, storage, and regasification.
East Gas	26%	Egyptian company involved in the natural gas sector and others.
EGPC	10%	National oil company of Egypt, involved in crude oil exploration, refining, and storage.

Chairman & CEO

Abdelhamid Ahmed Hamdy commenced his tenure at EMG in 2000, serving as Project Coordinator and Contracts Manager. In 2008, he ascended to the board member position and became Vice Chairman for Finance and Contracts.

He was appointed Managing Director in 2012 and subsequently assumed the roles of Chairman and Chief Executive Officer in 2019.

Strengthening Egypt-Israel Relations

The establishment of EMG and its gas supply agreements have strengthened economic ties between Egypt and Israel, reinforcing their 1979 peace treaty. EMG's operations have improved regional energy security and allowed Egypt to become a significant gas hub.[64][65]

Regional Energy Cooperation

EMG's success has highlighted the potential for energy cooperation in the Eastern Mediterranean. The discovery of gas reserves in the region has led to the formation of the Eastern Mediterranean Gas Forum (EMGF) in 2019, promoting collaboration among member countries. [66]

Geopolitical Dynamics

EMG's operations have influenced the geopolitical landscape of the Eastern Mediterranean, strengthened alliances and involving international energy corporations. The region's substantial gas reserves have also impacted maritime disputes. [67] 

Timeline of Key Events for the East Mediterranean Gas Company (EMG)

1995: Conception The inception of the East Mediterranean Gas Company (EMG) occurred due to the significant increase in Egypt's gas reserves. This concept originated from a meeting between Egyptian President Hosni Mubarak and Israeli Prime Minister Ariel Sharon, during which the proposal was made for Egypt to supply Israel with natural gas gas.2000: Establishment

Entrepreneur Hussein Salem has officially established EMG. The initial shareholders comprise Hussein Salem Companies (65%), Israeli businessman Yossi Maiman (25%), and the Egyptian General Petroleum Corporation (EGPC) (10%).

2000: IEC Tender for Natural Gas the Israel Electric Corporation (IEC) initiates a tender to purchase natural gas from Egypt following discussions between Egyptian and Israeli officials.

2003: Reaffirmation of Commitment In a meeting between President Mubarak and the Israeli Prime Minister, Egypt reiterated its commitment to supplying Israel with natural gas, notwithstanding the delays attributed to the Second Intifada Intifada.

2005: Signing of GSPAs EMG has entered into its inaugural Gas Sale and Purchase Agreement (GSPA) with IEC, which stipulates the sale of up to 2.1 billion cubic meters (BCM) of gas annually. Furthermore, EMG has concluded a GSPA with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) to provide 7 BCM of natural gas each year for a duration of 20 years. [68]

2008: Project Completion and Gas Flow the EMG project is completed, and gas flows from Egypt to Israel.

2009: Price Amendment An amendment to the price within the Gas Sales and Purchase Agreement (GSPA) has been instituted, which includes a provision stipulating that should gas prices surpass a specified benchmark, Egypt shall receive 80% of the differential, whereas EMG will receive only a lesser portion 20%.

2009: Amending Gas Prices with IEC EMG and IEC agree to amend the gas prices under their existing GSPA due to changes in the global energy market and fluctuations in natural gas prices.

2011: Arbitration Case Initiation EMG has initiated an arbitration case against EGPC, EGAS, and IEC, claiming that EGAS has breached its gas supply obligations established under both the Gas Sales and Purchase Agreement (GSPA) and the Tripartite Agreement.

2015: Final Arbitration Award The tribunal renders a final award in favor of EMG, mandating EGAS and EGPC to provide compensation for violating the Gas Sales and Purchase Agreement (GSPA) and the Tripartite Agreement.

2017: Swiss Federal Supreme Court Decision the Swiss Federal Supreme Court upholds the arbitration award in favor of EMG.

2019: EMED Acquisition the EMED consortium, comprising Delek Drilling, Chevron (following its acquisition of Noble Energy), and Egypt’s East Gas, acquired a 39% stake in EMG as part of a broader settlement to resolve ongoing arbitration disputes.

2020: Reverse Flow of Gas the EMG pipeline is repurposed to allow the reverse flow of natural gas from Israel to Egypt, enabling Egypt to import gas from Israel's Tamar and Leviathan fields.

Legal Advisors GSPA Legal Advisor: Baker Botts LLP, Arbitration Legal Advisors: Freshfields Bruckhaus Deringer LLP, with a litigation team including Lucy Reed, Noah Rubins, Ben Juratowitch, Ben Love, Niv Sever (M. Firon & Co. Advocates), and Sarwat Abd El-Shahid (Sarwat A. Shahid Law Firm).