Israel electrical utility opts for Egyptian gas in $3-billion deal
The Israeli electricity company (IEC) chose an Egyptian offer for the supply of natural gas over a period of 10 years at a cost of $3 billion, public Israeli television said Thursday.
IEC chose the Egyptian bid over those of two other consortiums which pump natural gas from the Mediterranean, one in Israeli waters, the other off the Gaza Strip coast.
"We chose Egyptian gas because it is 10 to 20 percent cheaper than the other proposals we were submitted", an IEC official told Israeli television.
The company's board is due to negotiate the terms for the supply of at least 1.7 billion cubic meters of natural gas per year.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)