Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company in the business of acquiring and managing interests in various businesses, announced today that it was advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that, further to Ampal's announcement yesterday (March 13), while resuming commercial gas supply by GASCO (the Egyptian gas transport company) to EMG and its Israeli customers, a leak was discovered when the gas pressure exceeded 60 bars. The GASCO field team is currently working to repair the leak in its system. Consequently, commercial gas supply to Israel, Jordan, Lebanon and Syria as well as to major Egyptian cement industries and power gas consumers in the Sinai Peninsula awaits completion of repair.
Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals and related sectors. Ampal’s goal is to develop or acquire majority interests in businesses that are profitable and generate significant free cash flow that Ampal can control. For more information about Ampal please visit our web site at www.ampal.com.
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