Israel approves importing natural gas from Egypt

Israeli sources said on Monday that the Israeli infrastructure minister Benjamin Ben Aliazer ratified a memorandum of political understanding between Israel and Egypt over importing $3 billion worth natural gas from Cairo.

The sources indicated that Ben Aliazer gave his instructions to the ministry to finalize the draft agreement within one week and submit it to the Egyptian government for ratification.

The electricity company signed a draft agreement with "A. M. J" company which is a natural gas company owned by the Israeli businessman Yusi Miman, the Egyptian government and Egyptian businessmen.

The agreement states the creation of a pipeline from Egypt to Israel and the way the two countries will collect interest from this giant deal. The sources indicated that the gas pipeline will pass across the sea and from the Egyptian territorial waters directly to Israel.

The Israeli "Marker" newspaper said on Monday that Egypt will provide Israel with 1.7 million cubic meters of natural gas annually along 15 years. The paper added that Egypt vows to extend the period of the contract if it is necessary and to provide Israel of an amount of 7 billion cubic meters of natural gas annually for 20 years.

The newspaper added the $3 billion deal was initially approved by Israeli Minister of Infrastructure Benjamin Ben Elizar and the final agreement will be signed in a week at maximum.