Egyptian-Israeli gas deal ‘promotes energy security’: Cruz

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Wed, 28 Feb 2018 - 05:21 GMT

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Wed, 28 Feb 2018 - 05:21 GMT

US former Republican presidential candidate Senator Ted Cruz stated on Wednesday that  the agreement between Israel and Egypt will help to promote energy security in the region – Courtesy to Flicker

US former Republican presidential candidate Senator Ted Cruz stated on Wednesday that the agreement between Israel and Egypt will help to promote energy security in the region – Courtesy to Flicker

CAIRO – 28 February 2018: Former U.S. Republican presidential candidate Senator Ted Cruz stated on Wednesday that the gas deal between Israel and Egypt will help to promote energy security in the region.

On his official Twitter account, Cruz hailed the involvement of Houston, Texas-based Noble Energy in this agreement.




President Abdel Fatah al-Sisi said Wednesday that Egypt has gas facilities and laboratories that don’t exist in other gas-producing countries in the Middle East, enabling the country to be a regional hub of energy.

During the inauguration of two investors’ centers on Wednesday, Sisi described progress made in terms of gas finds in Egypt as “scoring a goal.”

Commenting on Egypt’s import of gas from Israel per a deal with private Egyptian company Dolphinus, Sisi said that the government is not part of the deal. He further lauded the huge attention to the issue by the Egyptians since the news surfaced.

Around 64 billion cubic meters (BCM) of natural gas from Israel’s Tamar and Leviathan reservoirs will be exported to private Egyptian company Dolphinus over a decade for $15 billion, according to a statement by Delek Drilling, one of the two companies leading gas projects in reservoirs.

The agreement stipulates that the supply will continue until 2030 or until the 64 BCM have been fulfilled, whichever is sooner.

Sisi clarified that Egypt consumes around $12-13 million of petroleum derivatives per year.

The two newly opened investors’ centers are located in 6 of October City in Giza governorate and Gamasa City in northern Delta. Through these centers, investors will be able to finalize all related regulations without dealing directly with the Ministry of Investment.

Sisi urged to make the best use of gas in petrochemical industries, which in return will be an added value, instead of solely using it as a fuel, which brings the lowest revenue.

Sisi noted that a new law recently passed by the parliament guarantees Egypt’s benefit from the gas, either by manufacturing or exporting it to other countries.

The Egyptian parliament passed a new law to regulate the activities of the gas market; the law will help attract the private sector to invest in storing and selling natural gas directly to consumers.

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