Egypt’s industry federation has lauded the government’s plans to import natural gas from Israel, describing the step as economically beneficial.
Tamer Abu Bakr, head of the energy committee at the Federation of Egyptian Industries, said the government’s decision to take “serious steps in considering natural gas imports from foreign companies that won exploration rights in Israeli fields will yield many benefits.”
Abu Bakr told Al-Masry Al-Youm that the step would reduce import costs by relying on pipelines already installed by East Mediterranean Gas (EMG), the company that had supervised Egyptian gas exports to Israel before they halted following the 2011 uprising.
Abu Bakr said that the Israeli gas price would stand at US$7 per million Btu, compared to $14 for liquefied natural gas obtained from other countries such as Algeria and Russia.
The new venture also saves the government the costs for seaports equipment and regasification.
Edited translation from Al-Masry Al-Youm