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Egyptian gas reps in Israel to close IEC contract [View All]

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bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-12-04 12:21 PM
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Egyptian gas reps in Israel to close IEC contract
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I thought this was interesting in light of a story a while
back about a Syria-Jordan-Egypt consortium to build a gas pipeline,
to exploit Egyptian gas deposits, put up by DTF I think.


A high-level Egyptian delegation arrived this
week in Israel to discuss a long-term gas supply
contract with the Israel Electric Corporation
(IEC). Senior executives of IEC hosted the
delegation at a festive supper in Haifa last
night.

Chairman of Egypt's national gas company
EGAS, Mohammed Tawila, led the delegation
that is in intense talks over the sale of 25.5
billion cubic meters of natural gas, valued at
some $2 billion, over the next 15 years to
Israel's state-owned power monopoly.

Tawila is also on the board of management of
EMG, a joint Egyptian-Israeli pipe company
that was awarded the Egyptian concession to
export gas to Israel.

Merhav, controlled by Israeli businessman
Yosef Maiman, owns 25 percent of EMG, with
EGAS holding a further 10 percent. The
remaining 65 percent is held by various
Egyptian investors, including Hussein Salem,
considered a close colleague of President Hosni
Mubarak. The IEC deal is expected to be signed
next week. Merhav is likely to earn revenues of
some $500 million over the 15 year period
from the deal.

Haaretz
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