BREAKING NEWS

Egypt: Peace treaty doesn't obligate gas sales to Israel

By JPOST.COM STAFF

MAY 1, 2011 08:47

Egyptian Finance Minister Samir Radwan on Sunday said that the peace treaty between Egypt and Israel "does not obligate Egypt to sell gas to Israel."

Radwan's comments came as Egyptian officials, including former president Hosni Mubarak, are being investigated for “squandering public funds” by selling gas to Israel at a price below global market rates.

Radwan was made finance minister in the final days of Mubarak's regime in late January, as the former Egyptian president shuffled his Cabinet in attempts to appease protesters calling for his ouster.

Last week, the Egyptian public prosecutor ordered Egypt’s former energy minister Sameh Fahmy as well as six other officials to be investigated on charges related to East Mediterranean Gas’s natural gas deal with Israel, which the new government said caused losses of more than $714 million, Reuters reported.

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