ECONOMY

Egyptian company to start gas imports from Israel next year, sources say

The deal has stirred controversy in Egypt, which until a few years ago exported gas to Israel. (File photo: AP)

An Egyptian company plans to start importing gas from Israel for re-export in the first quarter of 2019, sources in the country’s energy sector said on Sunday, under agreements signed in February to buy $15 billion worth of gas over 10 years.

“Imports will start in small quantities first and will gradually increase to reach their climax in September 2019,” one source told Reuters. The source gave no details on prices or quantities.

Partners in Israel’s Tamar and Leviathan offshore gas fields said in February they would supply the private Egyptian company Dolphinus Holdings with around 64 billion cubic meters of gas over a decade. Half will come from each field, and the proceeds will be split equally, they said. No date was set for the start of exports.

The deal has stirred controversy in Egypt, which until a few years ago exported gas to Israel.

Egypt hopes the imports will help in its efforts to become a regional energy hub.

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Last Update: Sunday, 5 August 2018 KSA 12:34 - GMT 09:34
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