Israel begins exporting gas to an Arab country
2019/06/18 09:20:29
[rtl]A source at the Egyptian Ministry of Petroleum announced the start of the Israeli company Delek and Noble, the transfer of gas fields Tamara and Lothian owned by Israel, the amount of 150 million cubic feet of natural gas per day, to the plants in Egypt, from the beginning of July.[/rtl]
[rtl]This is the first of the executive steps in the framework of the settlement agreement, which guarantees that Egypt will allow Israel to export the gas produced from its fields in the Mediterranean Sea via the liquefaction plants located in Egypt, and to pay the semi-annual installments of the settlement of the export revenues of the gas.[/rtl]
[rtl]In February last year, Delek and Noble announced the signing of an agreement to export Israeli natural gas to an Egyptian private sector company worth $ 15 billion from Temar and Lothian fields for re-export to other countries.[/rtl]
[rtl]The source added that Israel aims to start the transfer of 150 million cubic feet of gas per day, after the completion of the detection of the pipeline to ensure the safety of technical, and will increase gas to 700 million cubic feet of gas per day within two years.[/rtl]
[rtl]A statement issued by the General Petroleum Corporation and Natural Gas Holding Company, EGAS, said yesterday that the value of the settlement is estimated at 500 million dollars to be repaid over eight and a half years by repaying 60 million dollars as a down payment on the date of activating the settlement agreement.[/rtl]
[rtl]The statement said that $ 40 million will be paid six months after the date of activation of the settlement agreement, and payment of the remaining amount of 16 semi-annual installments of $ 25 million.[/rtl]
[rtl]Payment will be guaranteed by issuing a letter of credit from the National Bank of Egypt in accordance with Egyptian law.[/rtl]
[rtl]The settlement agreement stipulates that in the event of non-payment of two installments and the inability of the Israel Electricity Authority to obtain the value of the remaining settlement stipulated by the request for expedited payment of the amount or through the bank documentary credit issued to it, Israel Electricity is entitled to terminate the settlement agreement with a refund All amounts obtained under the Settlement Agreement.[/rtl]
[rtl]The statement said that after reaching the closing date (the date of activation of the settlement agreement) by the parties, the Israel Electric Corporation will waive all rights arising or related to the arbitral award issued in its favor.[/rtl]
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