Egypt Ships Oil to Israel and Jordan Once Again
Egypt Ships Oil to Israel and Jordan Once Again

Exportation of Egyptian gas into Israel has finally started again after more than a month due to the unrest in Egypt and the explosion that happened on February 5 at the gas terminal in the Sinai desert. Ampal-American Israel Corp., a partner of East Mediterranean Gas Company, said on Wednesday that supply to Israel had resumed on Tuesday. It also reported that the first supplies didn’t meet the quantities outlined in the contract, but that they would be increased to fill that demand.

Supplies of gas into Jordan also resumed on Tuesday. Exportation into Jordan was also stopped after the explosion on February 5. According to local officials, a bomb went off inside the terminal, but the natural gas company of Egypt claimed that the fire was instead caused by a gas leak.

Egypt also said that price rises from $3 per million but would be raised to $6 or $7 to reflect market prices.

This news affected the stock market as well. Ampal-American Israel Corp increased by 6%, Oil Refineries Ltd. went up by 1.2%, and British Israel Investments Ltd. went up for the second week in a row, going up by 2.6% to a total of 13.08 shekels.

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