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Wednesday, August 25, 2010

Israel to get $12b windfall from Egypt

Israel is on the verge of receiving a $12 billion windfall from Egypt as power shortages in our southern neighbors territory lead to the repurchase of natural gas sold to Israel at seven times its original price.
The Egyptian government was looking to buy back 1.5 billion cubic meters of natural gas sold to Israel as part of the deal signed in 2005, according to a Tuesday report by Egyptian daily al-Shaab.

Anonymous sources told al-Shaab that internal discussions at Egypt's Ministry of Petroleum and Mineral Resources decided that over half of the natural gas sold to Israel under the deal would have to be repurchased at $14 billion, even though it was sold for $2 billion.

Cairo officials had previously blamed the gas deal with Israel as the main reason for the increase in power outages experienced by Egyptians since 2004, as less natural gas is provided for use by domestic power suppliers, AFP reported last Sunday.
A small price to pay for Gamal Mubarak to succeed his daddy, isn't it? Now, if only the Israelis would distribute the windfall to taxpayers as a holiday gift.



At 5:22 AM, Blogger NormanF said...

Smart Jews making a lot of money!

And while the Egyptians buy it from Israel, the Palestinians are still arguing over who pays the fuel bill for the Gaza plant that's been shut down for awhile now.



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