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Israeli company to buy natural gas from Egypt until 2030
Mohamed Abdel Salam Published in Bikya Masr on 19 - 12 - 2010

CAIRO: The Israeli company Fertilizers and Chemicals announced it has signed an agreement with the Egyptian company Eastern Mediterranean for Gas to buy natural gas until 2030, in a deal worth between $370-460 million, while the Egyptian company declined to comment on this announcement.
The Israeli company said the new agreement is added to the agreement signed in 2008 with the U.S-Israeli Yam Tatis Consortium for the purchase of two billion cubic meters of natural gas until 2015, and the consequent linking of Israeli chemical factories to the network of gas distribution in 2009.
Under the agreement, the Israeli company, which is the sixth largest producer for APC in the world, will purchase 200 million cubic feet per year from a the Eastern Mediterranean company to run a power plant currently under construction in the town of Sodom, in southern Israel.
The company added that the option to an additional 530 million cubic feet but that is not listed under the current estimate of the value of the deal.
An official from the gas company declined to comment on the news which is promoted by the Israeli company, with official sources from the holding company for natural gas, said that there will not be any additions or new amounts to the quantities contracted with East Mediterranean Gas Company.
BM

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