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Israel, Egypt Nearing Compromise on Natural Gas Compensation
(Bloomberg) David Wainer - Israel may agree to settle for half of the $1.73 billion fine Egypt was ordered to pay it so talks on exporting Israeli offshore gas there can go ahead, people familiar with the negotiations said. Payments would be spread over 14 years. An international arbitration court in December ordered Egypt to pay Israel damages for violating a contract to supply Israel Electric with Egyptian gas. Israel's willingness to compromise on the fine reflects the tight cooperation between the countries since Abdel-Fattah el-Sisi became Egypt's defense minister in 2012, then president in 2014. Egypt exported natural gas to Israel until it canceled the agreement in 2012 as its wells became depleted and the pipeline carrying it came under repeated sabotage.