Egyptian minister questions gas agreements with Israel

New petroleum minister Abdullah Ghorab said that amending the agreements would not be complicated.

Egypt's new petroleum minister Abdullah Ghorab said today that the agreements signed in the period of the previous minister include mechanisms enabling amendment of the gas supply agreements with Israel, Kuwait newspaper "Al Qabas" reports.

Ghorab said that amending the agreements was not a complicated process. He added that the oil sector was connected b agreements with foreign partners from all over the world, and expressed the hope that the cooperation with them would continue. Ghorab did not say explicitly whether he meant Israel as well. The petroleum minister stressed that the energy sector was a strategic industry for Egypt, of interest to all its citizens, particularly the aspect of long-term supply agreements.

Meanwhile, complaints against former petroleum minister Sameh Fahmy, that he approved the sale of natural gas to Israel and six European countries at prices that were too low, continue to be investigated. It is claimed that the agreements occasioned Egypt a loss of three billion Egyptian pounds (more than $500 million). Fahmy claims in his defense that he was carrying out the orders of former president Hosni Mubarak.

Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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