Last week, Ampal-American Israel Corp. wrote off the entire value of its stake in East Mediterranean Gas, the company that sold Egyptian natural gas to Israel before Cairo ended the deal.
Since Egypts’ revolution, the pipeline supplying Israel with gas has been attacked more than a dozen times. Last month, EGAS announced that it was rescinding its gas contract with Israel.
Ampal is now writing off the full 12.5 percent stake in EMG, acquired in several stages for about $300 million, based on an estimated market value of $2.2 billion. The write-off triggered a $284 million operating loss for Ampal.