Israel will begin exporting natural gas to Egypt from the Tamar and Leviathan fields next month, after Minister of National Infrastructure, Energy, and Water Resources Dr. Yuval Steinitz signed the necessary documents today. The prices of shares in the gas partnerships responded with increases. The exported gas is designated for use in the local Egyptian market, or for re-exporting in liquid gas form from liquefaction facilities in Egypt.
"For the first time in its history, Israel is becoming an energy exporter. This is the most important economic cooperation between Israel and Egypt since the 1979 peace agreement between the countries," Steinitz remarked.
Approval was given for exporting a maximum of 60 BCM from Leviathan and 25 BCM from Tamar over 15 years. Steinitz also approved transfer of the PRIMA license from EMG, and approved the regulations governing use of PRIMA's gas transportation system connecting Ashkelon to El Arish for Israeli gas exports to Egypt. Steinitz signed the authorization after all of the professional processes for consideration of the matter had been completed, approval was obtained from the Israel Competition Authority, and the Committee for the Reduction of Concentration had been consulted and its recommendation taken into account.
"The natural gas revolution is making us an energy power, and will provide not only enormous revenues for the state, but also a dramatic decrease in air pollution," Steinitz added.
Published by Globes, Israel business news - en.globes.co.il - on December 16, 2019
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