Ampal-American Israel Corporation Announced that EMG and Dorad Signed an Amendment to the Gas Sale Agreement in the Total Value of $2.1-3.3 Billion.

TEL AVIV, Israel -- Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company in the business of acquiring and managing interests in various businesses, with emphasis in recent years on energy and related fields, announced today that it has been advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that EMG and Dorad Energy Ltd. ("Dorad") signed an Amendment to the Gas Sale Agreement of December 2007 (the "Amendment"). The Amendment determines that the duration of the gas supply will be for 17 years with an option to Dorad to extend the period for 5 more years. The total contracted gas supply will be between 12.5 BCM to 16 BCM and the total annual amount of income will be between $125 million to $150 million.

About Ampal:

Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. The Company is seeking opportunistic situations in a variety of industries, with a focus on energy and related sectors. The Company'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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