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Kuwait Gate Holding signs settlement agreement with Egypt’s finance ministry

Kuwait Gate Holding signs settlement agreement with Egypt’s finance ministry
fertilizers plant (Photo Credit: Reuters Arabia)

Cairo – Mubasher: The Ministry of Finance said the cabinet approved the settlement agreement with Kuwait Gate Holding Co.

According to this agreement, the Kuwaiti company will concede all the indemnities that amount to $1.2 billion it required previously

All of justice ministry, petroleum ministry, trade ministry and investment ministry take part in running the negotiations in respect to this settlement agreement.

In March 2011, the Kuwaiti firm brought a case before the International Centre for Settlement of Investment Disputes (ICSID), where it asked for indemnity against the loss it suffered following the government decision to increase the price of the natural gas supplies to the fertilizing companies.

Kuwait Gate owns 59.82% stake in Alex Fertilizer company.