Egypt has said it conditionally agrees to import natural gas from Israel as the country is struggling with an energy shortage crisis that has prompted the government to resort to Gulf aid and subsidy cuts.
Egypt’s Petroleum and Mineral Resources Minister Sherif Ismail told reporters on Friday during a tour at oil fields in the Western deserts that the conditions include state approval, having a value added to the economy from the import and setting rules for international arbitration petitions brought by some companies against the Egyptian companies.
The minister noted that companies prefer not to import natural gas due to its high price and since they obtain subsidized gas in Egypt.
The minister added that the government works on securing the liquidity required for importing in order to meet market demands once Arab aid, which include oil and gas shipments, halt.
Gas consumption at electricity stations has jumped by 5 percent this month, compared to the same period last year, the minister explained.
Edited translation from Al-Masry Al-Youm
