Egyptians to resume gas supplies by end of week

EMG has told customers that the gas will be flowing by Friday.

Sources inform "Globes" that Egyptian gas supplier East Mediterranean Gas Company (EMG) has told its customers that it will resume supplies by the end of the week.

EMG's natural gas supplies to Israel were halted on February 5 following an explosion due to sabotage at a station on the gas pipeline between Suez and El Arish in Northern Sinai.

Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL), which owns 12.5% of EMG, had reported previously that gas supplies would be resumed on February 17, only to announced the day before that deadline that resumption was delayed until later in February.

Other shareholders in EMG are Hussein Salem (28%), an Egyptian businessman who was a close confidante to former President Hosni Mubarak, Thai co PTT (25%), Merhav and Ampal, both controlled by Yosef Maiman (20.6%), Sam Zell and David Fisher (12%), the Egyptian government (10%) and Israel institutional investors (4.3%).

Published by Globes, Israel business news - - on February 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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