CAIRO: An official report made public by the General Authority for Petroleum, revealed that Egypt plans to buy gas for $16 per million units and then sell it to Israel for $2.50, raising concerns over Cairo's dealings with the Jewish state. The report revealed that the volume of natural gas bought by Egypt from foreign companies amounted to 751 million cubic feet, which were estimated to be worth approximately 13.7 Billion Egyptian pounds ($2.3 billion) in order to bridge the gap between the shares from Egypt and the outstanding obligations in the domestic market and export agreements, including that of Israel. The report pointed to the higher prices of purchasing gas from a foreign partner, which is higher than the price agreed upon in the already signed agreements of sharing, which amounts to 2.65 dollars per million Thermal unit (btu), which gets adjusted periodically. The report noted the price of purchasing 39 “shared” fields ranged between $3.25 at a minimum in the fields of Abu Al Gharadek, Al Abyadd, and Al Rawda, to $16 per million BTUs from the fields in the East Delta, Abou Madi, Al Khalda, Al ar`aa and Southern UM Al Baraka in the country. According to experts, this discrepancy indicates the high purchase price from the foreign partner on the price agreed upon via sharing agreements, no matter the size of the amendments, as well as high prices for exporting to other countries, not less than 10 dollars per million BTUs and the report noted that the highest price recorded in the agreements of exporting Egyptian gas were to Spain, France and Israel, after amendment negotiations reducing the price to $2.79 per million btu. Egyptian activists have been up in arms over the natural gas deal with Israel, saying the government is attempting to appease the Jewish state and Washington in order to ensure continued support for the regime. Members of Parliament have entered the fray in recent months, demanding that the deal be revoked and Egypt not get involved in selling gas to Israel. A court decision this summer reversed an earlier decision that forbid the selling of gas, saying the Executive branch has the right to enter into international agreements without Parliament approval. The deal continues. **reporting by Mohamed Abdel Salam BM
