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Israeli company loses Quarter of a Billion dollars on Egypt's decision to stop selling gas, owes nearly a Billion to investors

Yossi Maiman's Ampal-American Israel Corp. is writing off the entire
value of its 12.5% stake in EMG, the company that sold Egyptian natural
gas to Israel before Cairo scuttled the deal.

The write-off triggered a $284 million operating loss for Ampal in the
first quarter, which included a going-concern warning, the company said
on Tuesday. It did not discuss any turnaround expected from its legal
battle against Egyptian natural gas company EGAS and the Egyptian

Since last year's Egyptian revolution, the pipeline sending gas to
Israel has been attacked repeatedly. Last month, EGAS announced it was
rescinding its contract to supply gas to Israel.


Added: May-16-2012 Occurred On: May-16-2012
Other Middle East
Tags: Israel, Jews, Gas, pipeline, Egypt, Ampal, EMG, Arab, Spring,
Location: Israel (load item map)
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