Misr Insurance pays $4 million to oil firm for sea cable damage

Posted On: May. 22, 2019 6:01 AM CST

Egypt-based Misr Insurance Co. said that it paid the first tranche of compensation totaling nearly $4 million to Pharaonic Petroleum Co S.A.E. to cover damage to several sea cable lines, Amwal Al Ghad reported. Mohamed Said Abdel Fattah, an official at Misr Insurance, said that Pharaonic Petroleum suffered around $70 million in losses due to the damage.