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Egypt gas price hike for Israel would break contract signed in December

CAIRO — Egypt has reported a review of the price of natural gas exports to neighboring Israel and Jordan.


Prime Minister Essam Sharaf said the gas contracts with Jordan and Israel would be raised in an effort to increase revenues for Egypt by $4 billion, Middle East Newsline reported. Sharaf did not say when the review would be completed. Egypt was said to supply 40 percent of Israel's gas requirements.

"The review is aimed at bringing in the greatest returns for Egypt," Sharaf's spokesman, Ahmed Saman, said.

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Politicians have criticized Egypt's gas contracts with Israel, saying the Jewish state was receiving the energy for below-market prices. One presidential candidate, Ayman Nour, has demanded that Egyptian gas be sold to Israel at market prices despite the long-term contract signed in December 2010.

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