Egypt announces cancellation of Gas deal in blow to Israel

Egypt's national gas company EGAS announced Sunday that it will be cancelling its natural gas supply deal with Israel.

Egypt on Sunday notified EMG, the exporter that supplied Israel with natural gas, that the deal will be canceled.

Thegdeal was reached in 2005 between the Israeli and Egyptian governments as part of a political agreement according to which Cairo undertook to allocate 7 billion cubic meters (BCM) of Egyptian gas to the Israeli market for 20 years, with an option to double the supply. more