Egypt will keep pushing for Gaza peace, aid: PM    EGX ends week in green on Wednesday, July 23    Kibing Group plans $685m solar glass plant in Egypt's Sokhna – SCZONE chair    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Exported gas prices to be reviewed, says ministry
Published in Daily News Egypt on 11 - 05 - 2008

CAIRO: The prices of exported Egyptian gas will be reviewed, including the price of gas to Israel, the Ministry of Petroleum said.
Assistant Minister for Natural Gas Ismail Karrara reportedly told the local press that the ministry was intending to renegotiate all gas deals, including the Israeli one, to bring it in line with current world prices.
The controversial agreement to export gas to Israel was signed in 2005.
Karrara also denied that Egyptian gas was already flowing to Israel, despite press reports and Israeli statements to the contrary.
The assistant minister added that a new price for the Israeli deal had not been proposed yet, but in light of the increased oil and gas prices worldwide, Egypt would be looking to renegotiate deals with, amongst others, Spain and France.
Last week Members of Parliament had sought a motion of no confidence in Petroleum Minister Sameh Fahmy over the Israel gas deal.
Karrara said gas was not yet being exported to Israel because the pipeline which will transport the gas was still being tested. Additionally, the project was to be postponed until a new price had been set and agreed on.
The gas is being transported via a 100-km-long underwater pipeline from Al-Arish near the troubled Egypt-Gaza border to the Israeli port of Ashkelon. The source of the gas is a field in Northern Sinai.
Karrara's statements come after the Industry Committee of the PA decided to review all oil and gas contracts with other countries to see whether they were appropriate in light of the surge in oil prices worldwide. The committee had submitted a list of questions to Fahmy concerning the contracts.
The decision to sell gas to Israel has been met with objections from opposition groups, with a campaign being started to put a stop to the exportation.
The campaign has brought together figures from across the opposition spectrum in a committee that plans to adopt a multi-pronged approach in the executive, judicial and economic branches to achieve its objective.
The campaigner hope to achieve this by lobbying for parliamentary questioning, attempting to annul the deal in court and proposing the inception of a public offering for Egyptian gas.
A major objection to the deal has been that it was not subject to a vote in parliament.
A member of the campaign, Abdallah Helmy, previously told Daily News Egypt, "We want this proposed in the PA, should we look to sell gas to Israel in the first place. We want this to be voted on so it's every MP's responsibility, so that we and the people know who is with us and who is against us.
Another major contention concerning the deal is the favorable prices in the contract, which led to the ministry's decision to review them. Recent price hikes adopted by the government contained an increase in fuel prices.
Muslim Brotherhood MP Sobhy Saleh previously told Daily News Egypt, "Why is the gas not being exported at world prices? How can we subsidize the Zionist economy when we are facing such economic problems at home? The Egyptian economy is subsidizing Israeli citizens while gas prices are being raised at home.


Clic here to read the story from its source.