Jos
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- Feb 6, 2010
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BBC News - Egypt scraps Israel gas supply dealEgypt's state-owned gas company says it has scrapped a controversial deal which supplies Israel with 40% of its natural gas at lower than market prices.
Egyptian Natural Gas Holding Company (EGAS) complained it had not been paid by the Israeli-Egyptian firm that buys gas from Egypt and sells it to Israel.
The details of the deal have never been released publicly, but former Egyptian officials have said the gas was initially sold to EMG at about $1.25 per British thermal unit (BTU), and then increased in 2008 to $4 per BTU. EMG was able to negotiate its own terms with Israeli buyers.
The government sells gas to Egyptian companies for about $4 per BTU, while comparable deals see Turkey, Greece and Italy paying $7 to $10.
"The big saying here in Egypt is that we are subsidising the Israeli people while we are not subsidising the Egyptians,"
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