Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL) reported last night that the flow of natural gas from Egypt to Israel will be renewed by the end of the month. The flow was halted following a terror attack on the pipeline on April 27.
Ampal said, "The company has been advised by East Mediterranean Gas Co. that the technical repair work to the gas valve station that was damaged by an attack on April 27, 2011 and is owned and operated by the Egyptian gas transport company, has been completed and that the site is technically ready for gas transmission."
This was the second terror attack on the Sinai pipeline. Following an attack on February 5, the gas flow to Israel was not resumed until March 16. The pipeline also serves Jordan, Lebanon and Syria.
Ampal also reported that, "EMG was advised that the government of Egypt has been implementing additional security measures for securing its gas transportation system in the Sinai from further attacks."
Ampal owns 12.5% of EMG and its chairman Yosef Maiman owns a further 8% of EMG through Merhav MNF Ltd.
Ampal's share price was down 3.39% in New York yesterday to $1.14, giving a market cap of $64 million.
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