BREAKING NEWS

Egypt prepared to negotiate new gas supply contract

By GLOBES

APRIL 23, 2012 20:38

Egypt is prepared to renew gas supplies to Israel at a new price and as part of a new contract, the country's Minister for International Cooperation Fayza Abul Naga said Monday. "From Egypt's point of view there are no objections to reaching a new agreement with new conditions and a new price," she said.

On Sunday, Ampal-American Israel Corporation told the Tel Aviv Stock Exchange that Egyptian government holding companies had unilaterally cancelled its Israel gas supply agreement. The Egyptians claimed they were cancelling the agreement due to non-payment by EMG, while EMG is seeking compensation from the Egyptians through arbitration for disruption of supplies following repeated terrorist attacks on the Sinai pipeline.

Although the Egyptian cancellation is a violation of the economic clauses of the Israel Egypt peace agreement, Prime Minister Binyamin Netanyahu is playing down the cancellation as a commercial rather than diplomatic dispute.

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