TEL AVIV, Israel, April 9, 2012 (GLOBE NEWSWIRE) -- Ampal-American Israel Corporation (Nasdaq: AMPL), a holding company in the business of acquiring and managing interests in various businesses, announced today that it has been advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that last night there was an explosion along the Egyptian gas pipeline, approximately 10 kilometers (about 6 miles) west of Al Arish, due to an alleged terror attack. Since the alleged terror attack on GASCO's pipeline on March 5, 2012, EGAS has not been supplying gas throughout the Sinai area, to major Egyptian industries and gas consumers in the Sinai including cement factories, power stations and homes in Al Arish, as well as to Israel (through EMG) and Jordan.
The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier).
The extent of the damage to GASCO's pipeline and the estimated repair period is unknown at this point. Neither EMG's site nor EMG's pipeline were damaged as the affected GASCO's pipeline is not a part of the EMG pipeline system.
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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