Egypt to Review prices of gas exported to Israel

Jerusalem, June 9, 2008 (RNA) –

Amid sharp criticism from opposition groups, Egypt's petroleum minister said Sunday that his government would review the price of natural gas exported to Israel in accordance with an energy accord between Egypt and Israel.  

Under the agreement, the Cairo-based East Mediterranean Gas-EMG would sell 1.7 billion cubic meters of Egyptian natural gas annually to the state-run Israel Electric Corporation for a period of 15 years.  

Opposition groups have questioned low prices in the deal, describing them as below market rates after Egypt began pumping natural gas to Israel in February.  

During a session devoted to debate the agreement, Petroleum Minister Sameh Fahmy told the parliament late on Sunday Egypt would review prices of natural gas in all agreements without any exception.

Note:

The Israeli occupation government has been cutting fuel and gas supplies to Gaza strip since Hamas took over the strip in 2006. Moreover, Egypt rejected the idea of supplying Gaza gas. It also rejected offers from Iran and Algeria to supply Gaza with fuel, leaving Palestinians begging it from the Israeli occupation government.

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