Monday, May 2, 2011

The gas bill

A Hosni Mubarak is going to be expensive the gas bill. On February 11 he lost the presidency of Egypt, which he enjoyed since 1981, but the best is yet to come: now it threatens to pass the bill agreement signed in secret with Israeli companies SUPPLIES natural gas at bargain prices. In Tahrir Square, main stage of the Egyptian popular revolt, the sale of natural gas to Israel was one of the reasons put forward by the protest movement.

And exports, which began in 2008, are virtually stalled since last February, when the pipeline suffered the first of a series of acts of sabotage. A Mubarak is now accused of having reduced gas supplies to the Egyptians and have authorized the export to Israel at a ruinous price. The agreement with Israel is no secret that Mubarak will not take the political grave.

He is accused of having "damaged national interests" for a total of "more than $ 714 million," according to the prosecutor who has questioned the former president. And the former Minister of Petroleum Samih Fahmy, and five senior officials have been jailed. The history of the operation is not wasted.

Egyptian gas is exploited by the government company Egyptian Natural Gas Holding Company, but the sale to Israel had to be approved by Mubarak and intelligence services, which among other things, they showed their wisdom by securing a percentage of the transaction. But the supply of gas, unlike the pipeline, did not follow a straight line.

The book business was a private company owned by Hussein K. Salem, a former intelligence agent and friend of Mubarak, and an Israeli businessman, Joseph Meimam, which owns 25% of East Mediterranean Gas Company. The details of the operation have been maintained during the last three years in absolute secrecy, but, as reported by the Government Middle East News Agency, the business has been round.

Salem Mubarak's friend, got to Meiman, his Israeli partner, natural gas is sold at a price of $ 1.25 per million deBTU (an acronym for British Thermal Unit, a British unit of energy). Meiman and then negotiated with potential buyers Israelis. According to PFC Energy, based in Washington, Turkey, Greece and Italy between 7 and then paid $ 10 million of BT.

That is, Egypt lost gas, but then the sales price increased to $ 4 per million of that unit. Three years later, Mubarak will explain why this strange gas bill, Salem has heels after the triumph of the popular revolt of Egypt, and Israel, whose needs for natural gas of Egypt met in 40%, wonder how will relations after Mubarak.

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