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BREAKING NEWS

Report: Israel to sell back gas to Egypt for $12b profit

By JPOST.COM STAFF

Published: AUGUST 24, 2010 15:18

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.

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