Ampal-American Israel Confirms Explosion in Egyptian Gas Pipeline; Shares Climb 10%

By Midnight Trader,  April 09, 2012, 10:45:33 AM EDT

Ampal-American Israel ( AMPL ), which owns 12.5% interest in East Mediterranean Gas, has confirmed that there was a explosion along the Egyptian gas pipeline, about 10 km west of Al Arish, due to an alleged terror attack.

The pipeline is owned and operated by GASCO, an Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company and East Mediterranean Gas' gas supplier.

The company said that it still has no information on the extent of the damage to GASCO's pipeline and the estimated repair period.

Shares are up 0.025 to $0.285, with a 52-week range of $0.20 - $1.99.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: AMPL



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