Jordan's Minister of Energy and Mineral Resources Haled Tukan: The new agreement sets a "fair price" for Egypt's natural gas.
Jordan will sign a new natural gas supply contract with Egypt by the end of June at a higher price, after three months of intensive negotiations. Jordan, whch was paying $3 per million British Thermal Units (BTU), will now pay the prevailing global price of $6-7 per million BTU.
Jordan's Minister of Energy and Mineral Resources Haled Tukan said that the new agreement set a "fair price" for Egypt's natural gas. Egypt resumed gas deliveries to Jordan last week. Deliveries were suspended following a terrorist attack on a pipeline in Sinia on April 27.
A senior Jordanian Ministry of Energy official said that the new agreement would enable Egypt to move forward on raising the price of gas that East Mediterranean Gas Company (EMG) delivers to Israel.
EMG shareholder Yosef Maiman said that EMG's shareholders may petition for international arbitration if Egypt demands to raise the price of gas its sells to EMG and to retroactively revise the agreements.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2011
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