Netanyahu to send envoy to Cairo to discuss natural gas

Israeli Prime Minister Benjamin Netanyahu will send an envoy to Cairo to discuss the International Chamber of Commerce’s ruling on Egypt’s gas exports to Israel.

During a session at the Knesset’s Economic Affairs Committee yesterday, Netanyahu said that he agreed with the Egyptian government that he would send a special envoy to Cairo to discuss the implications of the arbitrary decision, however no date has been set for the visit, Israel’s official public radio reported.

The Egyptian Ministry of Petroleum announced on Sunday that Egypt would appeal the ruling issued by the Geneva-based International Chamber of Commerce ordering Cairo to pay $1.7 billion of the $3.8 billion initially requested by Israel Electric Corp in compensation for the halt of Egyptian gas exports following the 25 January 2011 revolution, and an additional $228 million to the East Mediterranean Gas Company (EMGC).

EMGC is owned by Egyptian and Israeli businessmen.

The Egyptian Ministry of Petroleum noted that the ruling would be appealed in Swiss courts in line with litigation procedures.

Netanyahu added during the parliamentary committee session that securing natural gas supplies is critical to Israel’s national security and the distribution of gas revenues is a security matter. He also said that security calculations make it essential for Israel to continue to drill for new fields and establish new platforms.