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17

Egypt To Supply Gas To Israel

Israel Electric Corporation approved Sunday signing the deal with Egypt

The board of directors of Israel Electric Corporation approved Sunday signing the deal with Egypt on the natural gas delivery, in spite of disapproval of some board members and the Ministry of National Infrastructures.

The Ministry supported another deal - the Egyptian negotiations with British Gas, which offers gas from Palestinian sources off Gaza.

The vote was 9:5, with two abstentions. The board accepted the proposal for the 15-year, $2.5 billion deal.

Following the approval, IEC declared "The huge deal to buy natural gas from Egypt is underway?.
IEC will buy a projected 1.2 billion cubic meters of gas a year beginning in July 2006, and a projected 1.7 billion cubic meters of gas a year for 14 years beginning in July 2007. In January 2001, the IEC board declared the company the winner in a tender to supply gas.