Egypt PM calls for reviewing all natural gas deals
April 14th, 2011 - 6:20 am ICT by IANSCairo, April 14 (IANS) Egyptian Prime Minister Essam Sharaf has called for reviewing the natural gas deals with all countries, including Jordan and Israel, Xinhua cited the official MENA news agency stating in a report.
Sharaf’ suggestion is aimed at selling the natural gas at higher prices and gaining more profits for Egypt, said MENA.
This revision is expected to generate $3 to 4 billion more in gas revenue, he added.
There has been a call among some protesters in Egypt to raise the prices of exported natural gas. The planned move is also the government’s response to that demand.
Israel and Egypt agreed in 2005 that Egypt would supply Israel with 1.7 billion cubic metres of gas each year for 15 years. The agreement created controversy in Egypt, where opponents say, gas was exported to Israel at a price below the international level.
Over the past three years, about 80 percent of power generated in Jordan relied on the Egyptian gas. In 2010, Jordan imported about 239 million cubic metres of gas from Egypt.
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