Monday, September 1, 2008

Egypt-Israel gas deal taken to court


Contributed by Lucia in Spain

"An Egyptian court is reviewing a petition by a group of lawyers to halt Egypt's natural gas exports to Israel, one of the attorneys said Monday.

Lawyer Ibrahim Yousri said the petitioners want to stop the deal because it involves below market gas prices of only US$1.5 per British thermal unit, a measure of energy. The market price is almost nine times higher and Yousri said Egypt has been losing about US$9 million a day over it.

"If this not theft what else could it be," Yousri told The Associated Press. "Egyptians are in a dire need of every penny, so why does the government squander these resources?"

According to Yousri, Judge Ahmed el-Shazli on Monday asked the petitioners to present documents supporting their case and adjourned the hearings till October 17.

Egypt began pumping gas to Israel in February, following an energy deal under which Cairo-based East Mediterranean Gas (EMG) is to sell 1.7 billion cubic meters of gas annually to state-run Israel Electric Corporation for the next 15 years......."

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