Price must be right and legal action by Union Fenosa Gas must be dropped
i24news
(Israel)
3/5/2015
Egypt is ready to take the controversial step of importing natural gas from Israel, if the price is right and if one of the gas companies involved in the deal drops legal action, Egyptian Oil Minister Sherif Ismail told The Wall Street Journal on Thursday.
“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,” Ismail said.
The deal, which would provide up to 2.5 trillion cubic feet of gas over 15 years, was signed in May 2014 and included a preliminary deal between Houston-based Noble Energy Inc. to sell gas to Union Fenosa Gas.
Union Fenosa Gas has filed an international complaint against Egypt for breaching the May 2014 deal…
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