Israel okays changes to Egypt gas deal

Bikya Masr

29 August 2009

CAIRO: Israel Electric Corporation (IEC) announced that its board members have approved changes to a previous agreement with Egypt. The statement on Thursday says the new deal will create a steady flow of natural gas into the Jewish state.

The IEC said in a statement that as a result of the changes that have occurred in the global fuel market and with new costs of gas production in Egypt, the new deal changes the price of gas for the export deal that has left many Egyptian activists angered.

The IEC did not provide exact details of the new arrangement, but said that it took into account political pressures in Egypt.  read more »