Nesher Cement will buy $10 million of gas a year under a 15-year contract.
Nesher Israel Cement Enterprises will buy $10 million worth of natural gas a year from Egypt’s East Mediterranean Gas Company (EMG), in which Joseph (Yossi) Maiman is a partner, under a 15-year contract. This is EMG’s third contract in Israel, after negotiations were suspended for a long period. Nesher’s contract is at the same terms as EMG’s contract with Dorad Energy Ltd. - $3.70-4.50 per million BTU.
EMG expects to sign a fourth contract in January, at which point it will supply 3.5 billion cubic meters of natural gas a year, half the amount designated for the Israeli market.
Published by Globes [online], Israel business news - www.globes.co.il - on December 27, 2006
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