Posted on 10/20/2014 1:50:39 PM PDT by DeoVindiceSicSemperTyrannis
An Israeli firm will supply Egypt with natural gas, a company spokesman said Monday, more than two years after sabotage halted the flow of Egyptian gas to Israel.
For more than a decade Israel relied on Egypt for roughly 40 percent of its gas needs in line with an export accord signed in 2005 by the two countries which are bound by a peace treaty.
But in April 2012 Egypt annulled the contract, saying Israel had not met the financial obligations of the agreement, in a decision that came amid a spate of bomb attacks that targeted the pipeline used to transport natural gas to Israel and Jordan.
On Sunday the Israeli owners of the Tamar offshore gas field informed the Tel Aviv stock exchange they had struck a deal to export natural gas to the Egyptian firm Dolphinus Holdings.
A statement said Tamar was in "exclusive negotiations" with Dolphinus Holdings to provide it with up to 2.5 billion cubic metres (bcm) over a seven-year span.
Dolphinus Holdings "represents a consortium of large non-governmental industrial and commercial Egyptian gas customers," according to Tamar.
The natural gas would be transported to Egypt through the same East Mediterranean Gas pipeline used by Cairo to export gas to Israel and Jordan before it was attacked and crippled the saboteurs.
Experts estimate the deal to be worth over $4 billion (3.13 billion euros)...
(Excerpt) Read more at israelnationalnews.com ...
Before Arab Spring: Egypt sells to Israel.
After Arab Spring: Egypt buys from Israel.
Funny how that works out.
“Before Arab Spring: Egypt sells to Israel.
After Arab Spring: Egypt buys from Israel.”
Waiting for Obama to take credit
I know right. Heheh
It is not really an agreement - it is just a memorandum of understanding, that they will work to negotiate an agreement in the future. The Tamar gas field has signed a number of such agreements with Jordan, Korea, etc. I am not sure why, as the field is still being brought up - the gas is not available yet.
Hopefully this is turning the tables on the Arab world, having strings to pull due to supplying them with gas. Maybe they’ll behave in a manner closer to this century than the dark ages. Of course, Egypt isn’t even close to being the worst in this regard and has been civil to Israel for a time within living memory. But, it’s a start.
obama and the democrats caused this too in this country. Economy working, they take over and crash the economy tanks and millions lose everything.
...more than two years after sabotage halted the flow of Egyptian gas to Israel. For more than a decade Israel relied on Egypt for roughly 40 percent of its gas needs... But in April 2012 Egypt annulled the contract, saying Israel had not met the financial obligations of the agreement, in a decision that came amid a spate of bomb attacks that targeted the pipeline used to transport natural gas to Israel and Jordan... A statement said Tamar was... to provide it with up to 2.5 billion cubic metres (bcm) over a seven-year span... transported to Egypt through the same East Mediterranean Gas pipeline used by Cairo to export gas to Israel and Jordan before it was attacked and crippled the saboteurs.In perspective, a recent year's consumption of natural gas by US consumers (all types) works out to 737,296,000,000 cubic meters (if my conversion from e11 is correct, and it appears to be).
More Here
Israel Set to Export Gas to Egypt
http://www.the-american-interest.com/blog/2014/10/22/israel-set-to-export-gas-to-egypt/
Thanks Valin. The underlying Reuters story linked at that one is more detailed.
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