Israel to import natural gas from Egypt

Apr 20, 2005 02:00 AM

Israel will sign a long-awaited $ 2.5 bn deal to import natural gas from Egypt over 15 years.
Under the deal, which followed improved political relations, Egypt will sell Israel 1.7 bn cmpy of gas from October 2006, a total of 25 bn cm. There will be an option to extend the deal a further five years.

Israel's Infrastructure Minister Benjamin Ben-Eliezer will fly to Cairo to meet with President Hosni Mubarak and sign the deal that had been in the works for four years, Ben-Eliezer's spokeswoman said.
State-owned utility Israel Electric approved an accord a year ago with Eastern Mediterranean Gas, a private Israeli-Egyptian firm, to buy natural gas from Egypt. But the essential political agreement was held up by frosty relations during a Palestinian uprising.

Relations have improved since Palestinian leader Yassir Arafat's death last year gave new impetus to peace efforts. Egypt brokered an Israeli-Palestinian cease-fire in February.
EMG will over the next year and a half build a gaspipeline from Egypt to the coastal Israeli city of Ashkelon.

Source: Oil Egypt
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