End Of Egypt Gas Deal: Initial Thoughts

If upheld, the announcement by Egypt's state-run gas company on April 22 that it has unilaterally terminated a seven-year old contract to supply Israel with gas will have significant political and economic implications for both countries. Under the deal, signed in 2005 by Egypt's Eastern Mediterranean Gas and the Israeli Electric Corportation, Egypt had agreed to supply 1.7bn cubic metres (bcm) of gas to Israel for a period of 20 years, providing approximately 40% of the latter's energy needs. Here, we outline our initial reactions to Egypt's decision to cancel the deal.

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