Egyptian president: $15b Israel gas deal is "scoring a goal"

President Abdel-Fatah el-Sissi Photo: PR

President Abdel-Fatah el-Sissi said that the deal promotes the vision of transforming Egypt into a regional energy hub.

Egyptian President Abdel-Fatah el-Sissi has described the $15 billion natural gas deal signed by Delek Drilling LP (TASE: DEDR.L) and Noble Energy Inc. (NYSE: NBL) with Egyptian company Dolphinus Holdings earlier this week as his country "scoring a goal."

Delek Drilling and Noble Energy will sell Dolphinus 64 billion cubic meters of gas over a 10-year period starting next year.

Speaking at the opening of an investment center, President Abdel-Fatah el-Sissi said that the deal promotes the vision of transforming Egypt into a regional energy hub. "It's something I've been dreaming about for the past four years," el-Sissi said.

The gas is expected to start flowing from Israel's Leviathan field to Egypt at the end of 2019 with gas from Tamar flowing later. "All the gas from our region will come to us," said el-Sissi,"or we will use it for our consumption or we will export it ourselves."

He was referring to Egypt's gas liquefaction facilities, which would convert the gas into LPG (liquid petroleum gas) for export to Asia.

Israel's Energy Minister Yuval Steinitz is also eager to export gas to Europe along a pipeline via Cyprus, Greece and Italy.

Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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President Abdel-Fatah el-Sissi Photo: PR
President Abdel-Fatah el-Sissi Photo: PR
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