The private Egyptian company Dolphinus Holdings plans to begin importing natural gas from Israel in the first quarter of 2019, for the purpose of re-export, according to Reuters.
The agreements signed in February 2018 with the consortium that developed Israel’s Tamar and Leviathan offshore natural gas fields, for some 64 billion cubic meters of gas over the next 10 years at a cost of $15 billion.
Half of the gas is to come from each field, with the proceeds to be split equally, according to the Israeli partners, who include Noble Energy, Delek Group and Avner Oil.
“Imports will start in small quantities first, and will gradually increase to reach their climax in September 2019,” a source told Reuters. No details were available on price or quantities.
Until a few years ago, Egypt was the one who exported gas to Israel; this deal has raised some controversy among the Cairo’s business people and in Egyptian social circles. The Cairo government, however, hopes the deal will help the country become a new regional energy hub.