NAZARETH, (PIC)-- Four Israeli companies have agreed to purchase 5-10 billion dollars worth of gas from Egypt to be paid in installments over the next 20 years.
Israel Chemicals, Dead Sea Works, Oil Refineries, and F. NBC Rotem have signed agreements to receive 1.4 billion cubic meters of gas from Egypt with the option to raise that amount to 2.9 billion cubic meters, the Ampal American Israel Corporation said.
The companies will use the gas to operate three power plants. The trade off will kick off next year.
The gas signed off in the contracts would bring the total amount of gas to reach Israel 6 billion cubic meters, with a total value of 19 billion dollars as the East Mediterranean Gas company had made another series of gas purchases alongside other Israeli companies back in 2005.