Egypt to raise price of gas for Israel

By GUY GATSOVICH / GLOBES
April 13, 2011 16:55

 
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Egypt General Petroleum Corp. VP Toni El-Wardani reported on Wednesday that he had reached understandings with the East Mediterranean Gas Co. Ltd. (EMG) to raise the price of natural gas sold to Israel in line with world prices.

Israeli businessman Yosef Maiman owns 20.6% of EMG through Ampal-American Israel Corporation and his private company Merhav MNF Ltd., and Israeli institutional investors own 4.4%.

Egypt's Minister of Oil Abdullah Ghorab was interviewed on Tuesday about natural gas exports to Israel, which is a hot topic in Egypt at the moment. He claimed that Israel is paying $3 per BTU, which is "a price adjusted to average world prices."

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