Top Israeli EMG officials arrived in Egypt yesterday to wrap up the details of the contract
Israeli-Egyptian energy company EMG is likely to sweeten the terms of supplying gas to the Israel Electric Corp. after the latter's board of directors refused to vote on the contract last week.
Top Israeli EMG officials arrived in Egypt yesterday to wrap up the details of the contract.
EMG had insisted that IEC provide guarantees for the entire $300 million cost of building a 130-km pipeline from Egypt's El Arish to Ashkelon. EMG says that if IEC agrees to provide reduced guarantees of $180 million, the company will agree to relax certain contractual terms.
From EMG's perspective, the deal still remains highly controversial. The Prime Minister's Office and the Infrastructure Ministry and the treasury, both of which are against, all disagree on the agreement's points.
On Thursday, those directors blamed IEC Chairman Eli Landau, and criticized the public pressure to which they have been subject to rubber stamp the agreement.
