Israel to save billions of dollars with Egyptian gas contract

Craig S. Bloomberg – Thursday, September 20, 2007

A new contract signed with peaceful neighbour will lower Israel energy expanses by $1 billion a year.

Israel-Times Oil Gas Petrol climate environment Israel Electric Corporation (IEC), the main supplier of electrical power in Israel, has just signed a joint agreement with Egypt. The prupose of the deal is to switch power stations energy source from diesel to gas. According to the contract, IEC will start using gas from East Mediterranean Gas Co. (EMG) in a few months to save up to $1 billion a year.

The State of Israel owns approximately 99.85% of Israel Electric Corporation. Created in 1923, the IEC is one of the largest industrial companies in Israel, owning and operating 17 power stations sites (including 5 major thermal power stations) with an aggregate installed generating capacity of 10,899 MW.

October 4, 2007 | 3 Comments »

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