• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry

Loss of Egyptian Natural Gas Supplies Costs Israel $2.68 Million Per Day

The shutdown of Israeli imports of Egyptian natural gas through Egypt's $500 million East Mediterranean Gas Company Ltd. (EMG) pipeline is now costing the Israeli economy an estimated $2.68 million per day.

Following the overthrow of former Egyptian President Hosni Mubarak’s regime in February the pipeline became subject to increasing attacks and is at present completely shuttered since 25 July, forcing the Israeli government to scramble for alternatives.

The Israel Electric Corporation has accordingly increased its use of imported diesel and fuel oil to generate electricity, according to Israel’s Ministry of National Infrastructures which led in July-August to the use of 142,000 tons of diesel, Israel’s Globes business newspaper reported.

According to Ministry of National Infrastructures statistics, Israel Electric Corporation’s consumption of diesel was 103 percent higher in January-August 2011 than in the same period in 2010, primarily because of the cessation of natural gas imports from Egypt. Diesel consumption was 382 percent higher in March than in the corresponding month, 212 percent higher in April, 424 percent higher in July and 78 percent higher than in August.

The Egyptian-Israeli natural gas agreements allowed for Israel to purchase up to 7 billion cubic meters of Egyptian gas annually, which made Israel one of Egypt's most important natural gas export markets.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News