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Egypt re consider contracts for exporting natural gas to Israel and Jordan

Steel News - Published on Mon, 18 Apr 2011

Yalla Finance cited Mr Essam Sharaf PM of Egypt said that Egypt would reconsider the contracts for exporting natural gas to Israel and Jordan. This will enhance the country\'s revenues by USD 3 billion to USD 4 billion per year. Sharaf was expected to discuss this issue during meeting with Jordanian Energy Minister Khaled Touqan on Thursday.

Dr Ramadan Abu El Ela the Professor of Petroleum at Suez Canal University and one of the leading activists against the export of gas to Israel said that he would not change his position and will proceed with the legal procedures. Egypt suffered a loss of about EGP 9 million per day due to the gas export to Israel in lower prices.

Mr AbulEla stressed that he will continue to demand transparency and make sure Egyptian people get all the information in a timely manner. The decision is, unfortunately too late and was the result of pressure and not studies. It should be implemented according to scientific studies and not under pressure, whether popular or legal.

He explained that there is no law requiring Egypt to export gas to Israel because the contract between the EMG company, owned by businessman Hussein Salem and the Holding Company for Egyptian Gas was not been submitted to the Parliament.

(Sourced from Yallafinance.com)

Posted By : admin on Mon, 18 Apr 2011
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