CAIRO: An Egyptian daily newspaper is reporting that the Israeli government is reselling 1.5 billion cubic meters of natural gas to Egypt after it was exported from the North African country to the Jewish state. In 2005, Egypt signed the gas deal with Israel at a price per cubic meter that is currently well blow international market levels. According to an al-Shabab newspaper report on the internal discussions within the Egyptian ministry of petroleum and mineral resources, which they reported had determined that at least half the gas sold to Israel was being sold back to Egypt for a total of $14 billion. Egypt sells gas to Israel for around $2 billion, the newspaper said. According to the Egyptian Minister of Petroleum Sameh Fawzy, in comments reported in January, that Egypt would need to import natural gas as a result of severe shortages in reserves and an increase in overall house and industry demands for power. In recent weeks, the heat wave that struck the region has caused frequent power outages and water systems to be shut down in Egypt, resulting in demonstrations against the government. The demonstrators are demanding immediate imports of natural gas. At the same time, today's report has infuriated people over the government's intention “to pay Tel Aviv $12 billion” for goods that originated in Egypt. BM
