Eilat Ashkelon Pipeline Co. Ltd. (EAPC) Logo & The Azadi Tower in Tehran
Israel owes Iran $100m compensation for oil pipeline losses, rule Swiss arbitrators.
Preliminary ruling relates to Tehranís losses from a joint oil-pipeline venture after the 1979 Revolution. It comes after two decades of arbitration, would pay the value of a 50% stake in the Iran Eilat Ashkelon Pipeline Company.
Eilat Ashkelon Pipeline Co. Ltd. (EAPC) was formed in 1968 when the two countries were friends as a joint-venture company that would bring Iranian oil from the Persian Gulf to Israelís Red Sea port of Eilat and ship it to terminals in Ashkelon ó avoiding the Suez Canal. From there the oil would be sold and shipped to Europe.