Cairo – Mubasher: Israel's government said Thursday it has given the go ahead to begin exporting natural gas to Egypt.
Israel will sell 5 billion cubic meters (bcm) of gas to Egypt in the coming seven years from the Tamar site off its Mediterranean coast, Energy Minister Yuval Steinitz said in a statement on Thursday.
"After years of delay and debate, we are starting to move forward and to position Israel as a regional natural gas power," he said.
Earlier this month, Israel's state-owned electric utility said Egyptian natural gas company EGAS and Egyptian General Petroleum Corporation (EGPC) would pay it compensation of $1.76 billion for halting gas supplies.
The Israeli company said it suffered heavy damages after gas supplies were halted and that it was forced to buy more expensive fuel to generate electricity, raising its costs.
