Explosion in Egypt shuts-down natural gas pipeline

Source: Ampal-American Israel Corp.

Ampal-American Israel Corporation (Nasdaq: AMPL) has been advised by East Mediterranean Gas Co.(EMG) that shortly after 03:30 last night there was an explosion at a gas metering station 2 kilometers from Al Arish, Egypt and some 30 kilometers from the EMG terminal. 

The station is owned and operated by Gasco, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier). 

Following the explosion EGAS has initiated its standard shut-down procedure affecting gas transportation throughout the Sinai Peninsula and gas supply to Jordan, Lebanon, Syria; to major Egyptian industries and gas consumers in the Sinai; and to EMG. 

The extent of the damage to Gasco’s metering station and the estimated repair period is unknown at this point.



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