Monday, April 23, 2012

Egypt terminates 2005 gas deal with Israel



A pipeline delivering gas from Egypt to Israel near the city of al-Arish in northeastern Egypt burns following an attack on March 5, 2012.

Source: Press TV
http://www.presstv.ir/detail/237588.html

Egypt has repealed a 2005 gas export accord with Israel, which used to rely heavily on Egyptian natural gas to generate electricity.

The deal was "annulled on Thursday with the East Mediterranean Gas Co (EMG), which exports gas to Israel, because the company failed to respect conditions stipulated in the contract," Mohamed Shoeib, the chairman of state-owned Egyptian Natural Gas Holding Company, told AFP on Sunday.

The provision of gas to Israel has constantly formed a contentious topic among the Egyptian public, which views Tel Aviv as an enemy and opposes engaging in any form of business with it.

The deal would oblige Egypt to supply gas to Israel as one of the main economic conditions of a US-sponsored 1979 peace treaty between the two sides.

In line with the USD-2.5-billion export deal, Israel would receive around 40 percent of its gas supply from Egypt at an extremely low price.

According to the results of an opinion poll, conducted for Press TV and published on October 3, 2011, 73 percent of the Egyptian respondents opposed the terms of the agreement.

The country used to be Tel Aviv’s strongest Arab ally during the roughly-30-year-long rule of former dictator Hosni Mubarak, who was deposed in a popular revolution in February 2011.

No comments:

Post a Comment

I'll be right with you.

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 livestream.com

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