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Article: Cairo Court Annuls Gas Export Plan To Israel.
- Article from:
- APS Review Gas Market Trends
- Article date:
- December 1, 2008
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An Egyptian court has annulled a government agreement to export natural gas to Israel on concern the fuel was sold at below-market prices. The decision relates to a Petroleum Ministry export accord signed in 2005. Deliveries of gas to Israel started in July 2008. An authority which represents the government has said it will lodge an appeal.
Egypt is committed to export 7 BCM of gas to Israel over a 15-year period under the contract, which is subject to renewal. Opponents of the government's plan claimed that Egypt would lose $9m a day by selling the gas at reduced prices.
The Israeli government rejected the ruling, saying it expected the export contract ...