Report: Egypt, Israel Agree to Extract Natural Gas off Gaza Coast

(Al-Monitor) Rasha Abou Jalal - Egypt and Israel have agreed to start extracting natural gas off the coast of Gaza after several months of secret bilateral talks, according to an Egyptian intelligence officer and a member of the PLO Executive Committee. The Gaza Marine field, 30 km. (19 miles) west of Gaza, was discovered in 2000 by British Gas and is estimated to contain more than 1 trillion cubic feet of natural gas. The intelligence officer said: "An Egyptian economic and security delegation discussed with the Israeli side for several months the issue of allowing the extraction of natural gas off the coast of Gaza. The delegation finally succeeded in reaching a compromise that would benefit all relevant parties, the most important of which are Israel and the Palestinian Authority." The PLO official said that under the agreement, Egypt and Israel would supervise the extraction process, and that part of the gas will be exported to Egypt, while the bulk of it will be exported by Israel to Europe through Greece and Cyprus. The financial revenues will return to the treasury of the PA.

2022-10-11 00:00:00

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