Egypt Scraps Natural Gas Supply Deal with Israel

CAIRO – Egyptian Natural Gas Holding Company (EGAS) has cancelled their gas-supply deal with Israel, claiming that they have not been paid by the Israeli-Egyptian firm which buys the gas and sells it to Israel.  The Israeli government denies the claim and states that cancellation of the deal is a violation of the 1979 peace accord between the two countries.  Interruption of gas supplies have already caused increased electricity rates in Israel.  Israel Electric Company, the country’s electric utility, has warned that further interruptions could result in rolling blackouts this summer.

photo courtesy of the BBC

READ MORE …

Share Button

Speak Your Mind