Egypt Companions to the Israeli gas deal: Noble and Delek in talks to acquire East Mediterranean Gas pipeline | MadaMasr
▻https://www.madamasr.com/en/2018/02/28/feature/politics/companions-to-the-israeli-gas-deal-noble-and-delek-in-talks-to-acquire-eas
Sources close to the gas deal signed between Dolphinus Holdings, which is partly owned by Egyptian businessman Alaa Arafa, and Delek and Noble Energy, the lead partners managing Israel’s largest gas fields, say the latter companies are in talks with East Mediterranean Gas company (EMG) shareholders over acquisition of the company.
The deal would give Delek and Noble a controlling share of EMG, the company that owns the natural gas pipeline running from Egypt to Israel, and would facilitate the use of the pipeline to transport the gas allocated for export in the deal signed last week.
The source, who spoke to Mada Masr on condition of anonymity, says that a decision has been made to begin technical alterations to the pipeline to reverse its flow and allow operators to import gas into Egypt instead of having the country export gas to Israel, which was the previous arrangement according to a deal signed in 2008.
The pipeline was the target of successive militant attacks after 2011. In 2012, the Egyptian Natural Gas Holding Company (EGAS) terminated its contract with Israel. The state-owned company attributed the decision to a breach of contract by EMG for delayed gas payments.