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Egypt Making a Fortune Selling Israeli Gas to Europe
(Middle East Monitor-UK) The Israeli economic website Biz Portal said that Egypt is earning a "huge fortune" from exporting Israeli natural gas to Europe at a price that is at least three times higher than the price it pays to Israel. "Egyptian profits from Israeli gas, which it imports annually, amount to about $3.5 billion, which...constitutes more than 10% of their foreign currency reserves," the site said, noting that Israeli gas companies earn good profits but relatively less than the Egyptian profit. The reason for this is that the price of gas exported to Egypt was set at the end of 2019, when prices were at their lowest levels, but Egypt now sells Israeli gas at market prices that have peaked in the aftermath of the Russia-Ukraine war.