Egypt Inks Deal With Spanish Gas Co. Over $2B Award

By Kelly Zegers (March 6, 2020, 6:07 PM EST) -- A Spanish gas company has told a D.C. federal court that it reached a deal with Egypt in late February to satisfy the country's liabilities under a $2 billion arbitral award stemming from a dispute over the cutoff of a natural gas plant's supply. 

Despite the series of agreements met on Feb. 27, Unión Fenosa Gas SA asked the court on Thursday for default judgment against Egypt to enforce the award issued by an International Centre for Settlement of Investment Disputes tribunal in August 2018.

"Although UFG is hopeful that all of the conditions for settlement will be achieved, until they...

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