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).
You might also like...
European finance in place for Tunisia Bizerte bridge
29 March 2024
HZI takes on Dhafra waste energy EPC contract
29 March 2024
Policy designates Masdar, Adnoc as hydrogen coinvestors
29 March 2024
Waste energy projects find relevance
29 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.