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Gas deliveries to Israel dried up for a total of 225 days in 2011 and 66 days during the first three months of 2012, and ceased after an explosion on 5 March, according to Ampal-American Israel Corporation - a stakeholder in East Mediterranean Gas Company (EMG), which operates the cross-border pipeline.
The shortages have seen the state-owned Israel Electric Company increase rates by a third and warn of rolling blackouts this summer
Mohamed Shoeb, who heads the Egyptian natural gas holding company, said the government owned firm together with the General Authority for Petroleum annulled the contract with East Mediterranean Gas Company (EMG) which exports gas to Israel because it has not paid for the purchased gas for months.
EMG, the other party to the contract, was founded by fugitive businessman Hussein Salim, who is in detention in Spain pending extradition, reported Xinhua.
Salim is accused of involvement in exporting natural gas to Israel at lower-than-market prices.
The natural gas deal between Egypt and Israel was signed in 2005 at a price that critics said was far below the market value.
Originally posted by ZeroKnowledge
Actually, it is practically hilarious. Israel that is under rocket attacks from Gaza is giving 70% of electricity to it. But it is criticised.
Originally posted by bluemirage5
reply to post by illusive man
Yet Israel has the largest natural gas field in the Middle East so won't be needing Egyptian natural gas! Even though Israel was buying Egyptian gas at a very cheap price, that should hit the Egyptian economy big time....or whats left of it!
Originally posted by dashen
So in fairness Israel should cut off the FREE electricity that it provides to all Palestinians? Brilliant. And while we're at it lets cut off the oil the USA gets from Saudi Arabia. And the Natural Gas from Canada. After-all, the US supports Israel bombing Iran too. Yea, hooray. Let's just end world trade to screw Israel. I'm so proud of you guys.