Egypt to gain additional US$4 billion from higher prices of gas exported to Jordan and Israel
Egyptian Prime Minister Essam Sharaf said that Egypt would reconsider the contracts for exporting natural gas to Israel and Jordan. This will enhance the country's revenues by 3 to 4 billion dollars per year. Sharaf was expected to discuss this issue during meeting with Jordanian Energy Minister Khaled Touqan on Thursday.
On his part, Dr. Ramadan Abu El Ela, the Professor of Petroleum at Suez Canal University and one of the leading activists against the the export of gas to Israel said he would not change his position, and will proceed with the legal procedures. Abul-Ela said Egypt suffered a loss of about EGP9 million a day due to the gas export to Israel in lower prices.
Abul-Ela stressed that he will continue to demand transparency and make sure Egyptian people get all the information in a timely manner. "The decision (by the government) is, unfortunately, too late and was the result of pressure and not studies. It should be implemented according to scientific studies and not under pressure, whether popular or legal," he said.
He explained that there is no law requiring Egypt to export gas to Israel because the contract between the EMG company, owned by businessman Hussein Salem and the Holding Company for Egyptian Gas was not been submitted to the Parliament.
Last month, a Kuwaiti newspaper has revealed secret documents regarding the gas export deal to to Israel, which was signed in 2005. It said the two sons of ousted president, Gamal and Alaa Mubarak received huge commissions. The documents indicated that Gamal Mubarak alone got a commission of 5% of the value of the contract. (Source: yallafinance.com)
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow