Wednesday, April 13, 2011

Egypt to revise gas deals with Israel

Egypt's Prime Minister Essam Sharaf

Source: Press TV

Egypt's Prime Minister Essam Sharraf has asked for the revision of all contracts related to natural gas exports abroad, particularly to Israel.

Sharraf said on Wednesday that Cairo's planned revision could bring Egypt an extra three to four billion dollars in revenues.

Israel is expected to be hit hard by the measure since Egypt supplies an estimated 40 percent of its gas.

The deal with Tel Aviv was a highly controversial issue during the rule of ousted president Hosni Mubarak.

Four Israeli firms have signed agreements to import gas under a 20-year contract.

The agreement has been repeatedly challenged in Egyptian courts as it was without parliament's consultation.

Sharraf will also meet with the Jordanian energy minister to discuss the gas deal with his country.

Opposition groups have long complained that Mubarak was selling natural gas to Israel at preferential prices.

The developments come as Egypt's public prosecutor has summoned the former president and his son for questioning over corruption and the use of violence against peaceful protesters.

Earlier reports said Mubarak and his former petroleum minister were also being investigated for selling artificially cheap gas to the Israeli regime.

The chief prosecutor had received evidence that Mubarak and Sameh Fahmy had sold natural gas to Israel and several Western countries for under market prices.

Fahmy has recently told investigators that he was just carrying out orders from Mubarak.

However, Mubarak has rejected the corruption accusations as libel.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)