Egyptian Petroleum Ministry spokesman Motaz Atef said on Friday that media reports about signing a new gas import deal with Israel refers to an extension of the existing 2019 agreement. Speaking to television host Mostafa Bakry on Sada El Balad's "Facts and Secrets" programme, Atef said the ministry is working on several fronts. The first is diversifying energy sources to meet local demand by boosting domestic output through incentive packages that have increased production of petroleum products beyond the natural decline rate. The second is turning Egypt into a regional energy hub by securing supplies from various sources, including FSRUs and agreements with countries such as Cyprus and Israel, to ensure multiple sources for domestic use and export of any surplus. He said extending the 2019 agreement with Israel is part of Egypt's long-term strategy to secure gas supplies. Contract prices are based on a formula that varies according to import volumes and timing, and the reported figure of $35 billion is not final. Atef added that Egypt signs gas import contracts with several friendly countries, including Qatar. Reuters reported on August 7 that Egypt had signed a $35 billion gas import deal with Israel. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
