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Egypt to import Israeli gas in 2019

Aug. 7, 2018 1:02 P.M. (Updated: Aug. 7, 2018 4:41 P.M.)
CAIRO (Ma'an) -- The Egyptian General Petroleum Corporation confirmed that a private Egyptian company plans to start importing gas from Israel for re-export during the first quarter of 2019.

The plans to import gas from Israel comes after agreements signed in February 2018 to buy $15 billion worth of gas over the next decade.

The private Egyptian company, Dolphinus Holdings, said that "Imports will start in small quantities first and will gradually increase to reach their climax in September 2019."

No specific prices or quantities were released.

Partners in Israel's Tamar and Leviathan offshore gas fields, which include Delek Group, Isramco and Ratio, agreed with Dolphinus Holdings to provide a total of 64 billion cubic meters of gas over the next ten years.

Half of the supply will come from each field and the proceeds will also be split equally in half.

The start date of exports was not yet set.

The Israeli Minister of Energy, Yuval Steinitz, said that the agreement between Dolphinus Holdings and Israel was Egypt’s most important export deal since the two countries signed the peace treaty in Washington in 1979.

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