source: PNA
Egyptian Natural Gas Holding Company said Sunday that it has annulled an export deal which shipped gas to Israel due to violations of contractual obligations, according to Egypt's Nile TV.
The head of the company Mohamed Shoeb said the government-holding firm, together with the General Authority for Petroleum, annulled the contract with East Mediterranean Gas Company (EMG) which exports gas to Israel, because it has not paid for the purchased gas for months.
"It was purely a business decision", the Shoeb added.
EMG, the other party of the contract, is founded by the fugitive businessman Hussein Salim, who is in detention in Spain pending extradition.
Salim is accused of involvement in exporting natural gas to Israel at lower-than-market prices.
The natural gas deal between Egypt and Israel was signed in 2005 at a price that critics said was far below the market value.
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Topic: Egypt Ships Gas to Israel in Business Deal (Read 338 times)