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From: Economy

Economy

Egypt to increase gas exports to Syria

CAIRO: The Egyptian government and its Petroleum Authority have decided to increase the total amount of natural gas exported to Syria, with the beginning of the implementation of an agreement to increase gas deliveries to Lebanon, which will be operation in a few days, the authority said on Sunday. Official data from Egypt’s Petroleum Authority revealed that the country exported some 15 Billion cubic feet of natural gas to Syria through the Arab gas pipeline in 2008 -2009, and its revenues reached 48 million dollars.

The data that were published by Al-Masry Al-Youm, estimated the rate of the Egyptian gas exported to Syria at about $3.12 per million British thermal units, including the cost of transport and delivery. Controversy has erupted in recent times over deals with Israel and last week, the Spanish deal.

A senior government official said that the Egyptian side plans to pump more than 600 million standard cubic meters of natural gas annually to the Syrian-Jordanian borders, increasing the quantities allocated to Syria, according to the gas sales contract signed with Jordan. The official added that the nations “will adopt the principle of exchange of the received Egyptian gas to generate electricity in the southern region of Syria and to deliver the Lebanese an equivalent of 600 million cubic meters of gas produced in the Syrian or Middle Eastern region, the Syrian-Lebanese border, to be offset by side Egypt.”

Under the agreement, the cost of delivery and transport of the Egyptian gas to Lebanon through Syria are determined according to business rates internationally recognized in the industry and transport of natural gas. The cost of the transport will be reviewed on a regular basis every three years on the agreement of the parties to the agreement, the official said.

The agreement should continue for a 15-year contract, and can be extended for further periods according to the prior mutual written agreement between the parties, no later than 18 months before the end of the agreement.