Global Arab Network | Jordan, Egypt review gas deal

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Jordan, Egypt review gas deal

Global Arab Network - - Hannan Taha

Tuesday, 30 August 2011 00:49

http://www.english.globalarabnetwork.com/images/stories/2010/MAY/Oil_egypt.jpg

Global Arab Network - Egypt expects to get more money through a revised deal for natural gas shipments to Jordan, a leading energy official said.

Jordanian authorities said in letters to the Egyptian Petroleum Ministry they were ready to renegotiate the price of natural gas imports, Egypt's state-run news agency MENA reports.

Hassan al-Mahdy, president of Egypt's Natural Gas Holding Co., said the letter puts both countries one step closer to better energy ties.

"Egypt will make more profits under the new agreement," he added.

A formal price mechanism will be announced once final details are hammered out, Mahdy said, but Cairo could make another $250 million in profits each year through a new agreement with Jordan.

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