Egypt Pumps Gas Again
For a while now, Egypt had been unable to send natural gas due to damage. But, according to MENA news agency, the problem was fixed last week and the country was able to resume its pumping. Israel for example, is now receiving gas again which is great, but the levels have been way below contractual obligations, which is problematic. In other words, while gas supply has been restored, it is nowhere near at full capacity.
Unfortunately, the North Sinai pipeline has undergone some quite substantial problems following the deposition of Hosni Mubarak. Indeed, it has been blown up 10 times, with the most recent attack occurring last month. Such attacks have resulted in approximately $4bn worth of damage to Israel’s economy.
But, there is a small piece of good news. Now that gas pumping has been resumed (albeit on a lower level), there was a 3.6 percent escalation on the Tel Aviv Stock Exchange of Ampal-American Israel Corp. (proprietor of a stake in a company that exports gas from Egypt to Israel).