The Egyptian street witnessed big rush after Egypt has announced the termination of gas deal with Israel, and followed by political mobility in Cairo as well as Tel Aviv between welcoming, worrisome, tension and calls for occupation. Amwal Al Ghad exclusively publishes the most important terms of exporting gas between Egypt and Middle East Co. by which gas will be exported to Israel:
1- Egyptian General Petroleum Corporation (EGPC) sells to East Mediterranean Gas Co. the quantity will be contracted; 7 billion cubic meters of natural gas and could be increased.
2- Selling prices will be $75 cent for each million unit with maximum limit $1.25. In case of raising the prices of Brent crude barrel to $35, the price of a million unit of gas will reach $1.5.
3- The period of contract with East Mediterranean Gas Co. is 15 years, renewed by mutual consent.
4- The ministry of petroleum represented in (EGPC) is authorized to negotiate with East Mediterranean Gas Co. according to the followed international terms which connect the prices of natural gas to the prices of Brent crude and to conclude the supply contract.
