There has been another blast on Egypt's natural gas pipeline to Israel - the tenth such terror attack since the beginning of the year, the Egyptian website, Ahram Online, reported. This latest attack will cause further delays to the renewed gas flow to Israel.
Gas flow to Israel had not yet been restored following the previous attack on November 28. In fact, since June, there have only been two days during which gas flowed to Israel.
The pipeline near El Arish has been the victim of repeated terrorist attacks over the last year, and gas supply to Israel has been halted many times. Egypt's East Mediterranean Gas Company (EMG) built the pipeline between El Arish and Ashkelon at a cost of $460 million.
Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL), controlled by Yossi Maiman, owns 12.5% of EMG, which is the company's main asset. Ampal's share price has dropped more than 80% since the beginning of the year, and its equity at the end of September was $133 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2011
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