Israel Electric Corp voids Egypt gas supply agreement -
Haaretz Daily Newspaper
▻http://www.haaretz.com/business/israel-electric-corp-voids-egypt-gas-supply-agreement.premium-1.512008
The Israel Electric Corporation canceled its decade-old agreement to buy natural gas from the East Mediterranean Gas Company last month, we learn from the utility’s financial statement for 2012.
It had no alternative, explains the IEC: EMG has in fact no gas to sell. After the revolution in Egypt two years ago, says the IEC, the Egyptian government company that had been supplying EMG with gas itself unilaterally voided its supply contract.
While Egyptian businessman own the majority interest in EMG, a minority interest is held by the Israeli businessman Yossi Maiman.
