Egypt gov’t no party in gas deal with Israel – Sisi

Egyptian President Abdel Fattah El Sisi stressed on Wednesday that the Egyptian government is not a party in the natural gas deal signed between the Egyptian private sector and Israel.

We have nothing to hide in this issue but I am happy over Egyptian people’s keenness on their country, Sisi said during the opening of the first services center for investors at the headquarters of the Investment Ministry.

The gas deal, signed by the operators of the Tamar and Leviathan natural-gas fields in Israel and the Egyptian company of Dolphinus, sparked outrage in Egypt after it had been announced two days ago.

The spokesperson of the Egyptian Ministry of Petroleum said in a press release that the ministry doesn’t have any comments on any negotiations and agreements that are held by the private sector regarding importing or exporting natural gas.

Egypt passed a New Natural Gas Law last year that allows the liberalization of natural gas market.The law created an independent body to regulate the market.

President Sisi said the law organizes all issues related to gas trade and that Egypt already has a law in this regard.

The president said that Egypt gives equal chances to the private sector to import gas and that Egypt wants presence in free markets to circulate energy elements.

He said the state will benefit from the private companies’ imports of gas in exchange for their use of state establishments and facilities.

He said that Egypt is about to be a regional center of gas in the region, the matter, which was a dream four years ago.

Sisi said he talks with the Egyptian people frankly, pointing out that Egypt consumes oil products either gas or diesel and gasoline worth between 800 million and 1.3 billion dollars a month (between 12 and 13 billion dollars a year).

He said the gas extracted from fields needs conversion operations in order to be fit for use or exports and that applies to gas found in Egypt, Cyprus, Israel and Lebanon.

The president said Egypt has logistic facilities not present in other countries in the Mediterranean region and that the region’s countries can benefit from gas separately or via Egypt.

President Sisi said the use of gas as fuel in cars, houses and factories is cheaper that other energies and the use of gas is the best economically.

He pointed out that South Korea, for example, does not produce gas but has major petrochemical industries, thanks to advanced technologies it uses.

The president said that the private sector companies are keen not to suffer losses in gas trade and that they are cleverer in gas dealings than governments. (MENA)