FAMAGUSTA GAZETTE – Former Egyptian petroleum minister Osama Kamal said Sunday that Egypt’s natural gas import deal with Israel is a commercial arrangement and does not give Israel political leverage over Cairo.
Kamal told Egyptic the 15‑year, $35 billion agreement is effectively managed by U.S. company Chevron, and said Israel relies on Egypt’s liquefaction plants in Idku and Damietta to export its own gas.
He said Egypt currently imports up to 800 million cubic feet of gas per day, a figure expected to rise to 1.2 billion after the deal is finalized.
The additional volumes could save Egypt about $1 billion a year compared with buying liquefied gas on global markets, he said.
Kamal cautioned that the agreement will not resolve Egypt’s energy shortfall, noting that domestic production has fallen below 4.5 billion cubic feet per day while demand exceeds 6.5 billion.
He said long‑term stability depends on new local discoveries and investment. (Famagusta Gazette)