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Al-Ahram: Egypt to draft new Israel gas deal
Published Tuesday 04/10/2011 (updated) 05/10/2011 12:58
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File picture shows an attack in July on a pipeline delivering gas from Egypt
to Israel at el-Arish in the north of the Sinai peninsula.(AFP/File)
CAIRO (Reuters) -- Egypt will soon finish drafting a new contract for gas exports to its neighbor Israel that includes a big increase in prices, a newspaper cited the petroleum minister as saying on Tuesday.

Gas supplies to Israel have been disrupted by a series of attacks on the pipeline in the Sinai border region by assailants believed to oppose the sale of gas to Israel.

The attacks became more frequent and supplies were halted after the overthrow of Egypt's President Hosni Mubarak in February.

Egypt's army-backed government, under popular pressure to toughen its stance towards Israel, has sought to renegotiate the terms of the gas deal, complaining that the previous agreement signed under Mubarak fixed prices below market rates.

"The final draft related to amending the prices for exporting natural gas to Israel will be completed soon. It will see a big increase in the price," newspaper Al-Ahram reported, citing Petroleum Minister Abdullah Ghorab.

He said gas supplies to Israel were still suspended after the latest attack on the pipeline in Sinai in late September, Al-Ahram reported.

Egypt is also seeking to renegotiate prices of gas exports to Jordan, which have also been disrupted by the attacks.

Gunmen opened fire on a gas installation in the Sinai last week, before an explosion hit a pipeline.

It was the sixth such attack on the pipeline since Egypt's former President Hosni Mubarak was toppled in February. The pipeline carries gas through the Sinai and on to Jordan and Israel.

Egypt supplies 43 percent of Israel's natural gas and 40 percent of Israel's electricity comes from this source.
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1 ) sylvia / uk
04/10/2011 14:59
NOW we are beginning to see the beginning of the end!!

2 ) BEN JABO / ISRAEL
04/10/2011 17:51
1) Syliva, the end of Egypt, she needs the money, she's broke

Israel will now accelerate developing her own gas supplies and importation from other sources

Lots of people out there looking for money who have the gas, Egypt isn't the only can of Humus on the shelf

3 ) wjm / usa
04/10/2011 18:17
Now Israel will hurry its efforts to steal gas from Gaza's waters just off the coast where there are large natural gas deposits.

4 ) Janus / UK
04/10/2011 23:50
The moral of the story is: nothing of value to the global economy can securely criss-cross muslim lands, for it becomes a "free-for-all" grab for the greedy have-nots.

5 ) southparkbear / usa
05/10/2011 01:02
or the end of the beginning sill

6 ) carine / UK
05/10/2011 01:24
Good!! About time Israel joined the real world and pay their way, like the rest of us. They've had it too easy for too long. No more Mubarak to cushion them.

7 ) Mel / USA
05/10/2011 02:09
Bravo Egypt! About time,after all these decades of Mubarak giving away valuable Egyptian gas resouces,at the expense of millions of ordinary Egyptian citizens,while he got his annual millions from US tax-funds(largely for military &private family Swiss bank accounts)& Israel got give-away gas,under bribery&corruption deals.Not to mention Hosni helping Israel with the collective punishment blockade of Gaza,for so long!That's not a 'peace treaty'.That's Israeli extortion & blackmail against Egypt.

8 ) Joe Fattal / USA
05/10/2011 03:12
If the US cut the aid to the Palestinians, Egypt ought to cut Israel gas supply. But than its business, so raise the price. Israel in return will raise the prices on their own people, they will have more unrest and demonstrations about high prices.

9 ) EE / UK
05/10/2011 03:58
They forget to say if Egypt included in new proposal an increased penalty for the interruption of the gas supply.

10 ) IVAN / RUSSIA
05/10/2011 04:42
@1- YOU ARE VERY, VERY RIGHT ! THEY HAVE TO PAY BACK FOR PREVIOUSLY YEARS TOO !!!!!!!!!!!!!!!!!!!!!!!!!!!!

11 ) Colin Wright / USA
05/10/2011 09:11
Jeepers. Think the price will go up? Don't see how it could -- Israel avers the current price was fairly negotiated and reflects the true market value.

12 ) wildcard / usa
05/10/2011 10:07
hopefully
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