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17

Israeli Firm to Buy Natural Gas from Egypt

Israeli oil and gas company Dorad Energy said yesterday it had signed a deal

Israeli Dorad Energy said yesterday it had signed a deal worth up to $2 billion to buy natural gas from Egypt.

A Dorad spokesman said the contract is for 15 to 20 years for the supply of as much as 1.2bn cubic metres a year of natural gas starting in 2008 and includes a number of options.

The price for the gas will fluctuate due to market conditions, he said.

The gas will be transported through a pipeline - to be completed in 2008 - from the northern Sinai to the coastal city of Ashkelon, where Dorad is building Israel's first private power plant, which will begin operating in 2010.