BREAKING NEWS

Mubarak being questioned about 'favorable' Israel gas deal

By JPOST.COM STAFF

APRIL 23, 2011 17:53

The decision by Egyptian prosecutors to extend the remand of former president Hosni Mubarak was partially motivated by questions surrounding the natural gas deal between Cairo and Israel, The New York Times reported on Saturday.

The announcement follows earlier news that Egypt's former oil minister was arrested over the natural gas deal, which is being alleged in Egyptian media as providing favorable and below-market prices on the natural gas sent to Egypt's northern neighbor.

The Egyptian prosecutor's spokesman, in a statement, said that Mubarak was being questioned about the low prices involved in the deal that amounted to "hurting the country's interests," the Times reported.

According to the spokesman, Egypt lost over $714 million in profits in the deal, according to the report.

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