Egypt Orders Review of Gas Contracts With Israel

Egyptian Prime Minister Essam Sharaf says review is aimed at bringing in greatest returns for country, at income boost of some $3-4 billion.

Egypt's prime minister says has ordered a price review of its contracts to supply natural gas to Israel and Jordan over widespread domestic criticism, reports Egyptian's official news agency MENA.

Prime Minister Essam Sharaf's spokesman, Ahmed el-Samman, was quoted by MENA as saying that the review is aimed at bringing in the greatest returns for Egypt. El-Samman said revised contracts could boost income by $3 billion to $4 billion.

sharaf - AP - March 7 2011
AP

Egypt's contracts to supply gas to Israel have been widely criticized in the country as offering gas at rates far below market prices.

The contracts have come in for renewed criticism following the ouster of former President Hosni Mubarak, with critics pointing to the deals as an example of the cronyism prevalent in the former government.