Thailand’s PTT takes Egypt pipeline stake

29 November 2007
Thailand’s state-owned oil and gas company, PTT, has signed a deal to take a 25 per cent stake in the local/Israeli East Mediterranean Gas (EMG) for $487m.

PTT says it would buy 36.75m shares in EMG, a 75:25 joint venture of Egyptian General Petroleum Company (EGPC) and Israel’s Merhav Energy, for $13.25 a share.

EMG is the only company with the rights to export gas from Egypt to Israel.

A subsea pipeline from El-Arish in Egypt to Ashkelon in southern Israel is under construction with capacity to transport 7 billion cubic metres a year of gas.

Last year, EMG secured a deal to provide gas to Israel’s Dorad Energy, for a planned 800MW power plant in Ashkelon (MEED 22:12:06).

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