'Egypt may buy back gas from Israel'

Egyptian paper reports that Cairo officials could lose $12b. on deal.

By JPOST.COM STAFF
August 24, 2010 19:46
1 minute read.
A natural gas pipeline [illustrative].

A natural gas pipeline [illustrative].. (photo credit: Courtesy)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The Egyptian government was looking to buy back 1.5 billion cubic meters of natural gas sold to Israel as part of the deal signed in 2005, according to a Tuesday report by Egyptian daily al-Shaab.

Anonymous sources told al-Shaab that internal discussions at Egypt's Ministry of Petroleum and Mineral Resources decided that over half of the natural gas sold to Israel under the deal would have to be repurchased at $14 billion, even though it was sold for $2 billion.

Be the first to know - Join our Facebook page.


RELATED:
Natural Gas Bonanza, Blessing or Bane?
Analysis: After Mubarak
Infrastructures Ministry solicits energy master plan

Cairo officials had previously blamed the gas deal with Israel as the main reason for the increase in power outages experienced by Egyptians since 2004, as less natural gas is provided for use by domestic power suppliers, AFP reported last Sunday.

Egypt's ruling party has been embarrassed by the increased power cuts to the population and ensuing fights between government officials over who bears responsibility for the problem,  according to the independent daily al-Shorouk report cited by AFP.

The issue may become an important one as the fight to succeed Egyptian President Hosni Mubarak gains momentum.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS