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6:02 AM
The supply of gas from Egypt to Israel has once again run into rough weather as Egyptian Natural Gas Holding Company has terminated its contract to ship gas to Israel.
Telaviv says the decision undermines the 1979 Camp David peace agreement between the two countries.The gas pipeline is operated by the East Mediterranean Gas Company (EMG).; a consortium of American, Egyptian and Israeli companies.
The Chairman of Egyptian Natural Gas Holding Company EGAS, Mohamed Shoeib, told in Cairo that EGAS is terminating the contract due to violation of the gas supply agreement. He said the decision was made after a thorough legal review by local and international legal experts.
Shoeib alleged that Israel has not paid for its gas in four months. Israeli Foreign Ministry spokesman Yigal Palmor denied the charges and said Israel has been paying fair prices .
There hasn’t been any offcial comments from Egyptian Government. Experts say the current row is more of commercial nature.
Under the 2005 deal, the Cairo-based East Mediterranean Gas Co. sells 1.7 billion cubic meters of natural gas to the Israeli company at $1.50 British Thermal Units.
Telaviv says the decision undermines the 1979 Camp David peace agreement between the two countries.The gas pipeline is operated by the East Mediterranean Gas Company (EMG).; a consortium of American, Egyptian and Israeli companies.
The Chairman of Egyptian Natural Gas Holding Company EGAS, Mohamed Shoeib, told in Cairo that EGAS is terminating the contract due to violation of the gas supply agreement. He said the decision was made after a thorough legal review by local and international legal experts.
Shoeib alleged that Israel has not paid for its gas in four months. Israeli Foreign Ministry spokesman Yigal Palmor denied the charges and said Israel has been paying fair prices .
There hasn’t been any offcial comments from Egyptian Government. Experts say the current row is more of commercial nature.
Under the 2005 deal, the Cairo-based East Mediterranean Gas Co. sells 1.7 billion cubic meters of natural gas to the Israeli company at $1.50 British Thermal Units.
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