BREAKING NEWS

Report: Israel rejects Egypt demand for higher gas prices

By GLOBES

MAY 23, 2011 13:13

Even though East Mediterranean Gas Company (EMG) said last week that natural gas deliveries to Israel should resume by the end of May, that is unlikely to happen. Egyptian daily Al Masry al-Youm reported yesterday that deep differences remained between Israel and Egypt over Egypt's demand to adjust the price of the natural gas sharply upwards.

Egyptian Minister of Petroleum Abdallah Ghorab told Al Masry al-Youm that EMG has voiced reservations over price increases, while Israel completely rejects the suggestion. Formal negotiations are due to start within days.

Ghorab added that the ministry handles the negotiations from a purely economic perspective, focusing on securing the highest profit possible for Egypt, regardless of political considerations. He credited the Egyptian people for convincing the company to review the price before 2013, the earliest date allowed for a review as dictated by the deal signed between Egypt and Israel in 2009.

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