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Itongadol.- Egypt is prepared to import natural gas from Israel if the price is right and if one of the gas companies involved drops legal action against the government, Egyptian Oil Minister Sherif Ismail said in an interview with The Wall Street Journal published on Tuesday.
“We would approve the gas deal if it will meet domestic demand, offer high value for the Egyptian economy and if the international arbitration with one of the companies is resolved,” he said.
Ismail was referring to Union Fenosa Gas, a joint venture between Spain’s Gas Natural and Italy’s Eni, that has filed an international complaint against Egypt over breach of contract. Union Fenosa agreed in principle last May to a 15-year deal to bring 2.5 billion cubic feet of gas from Israel’s offshore Tamar field to Egypt via its plant in Damietta.
In addition, the British energy company BG Group has signed a 15- year deal to take seven billion cubic feet of gas from the Leviathan field for its plant in northern Egypt.