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Monday, July 25, 2011     GET REAL

Egypt wants out of gas contract with Israel

CAIRO — Egypt has sought to end its natural gas agreement with Israel.


The military regime has overseen the draft of a memorandum for the Egyptian Petroleum Ministry to terminate a long-term gas contract with Israel. Officials said the request would be relayed to an international tribunal on grounds that the contract with Israel was illegal.

The memorandum has been drafted by Egyptian consultant Ramadan Abu Al Ola and would claim $10 billion in compensation from Israel and the United States for paying below-market prices charged by the ousted regime of President Hosni Mubarak, Middle East Newsline reported.

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Al Ola said Israel was paying a third of the price of gas acquired by Britain from Russia.

The Arab Gas Pipeline, meant to deliver Egyptian gas to Israel and Jordan, has been bombed four times in 2011. As a result, the pipeline operated only half of the expected amount during the first half of this year.

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