Posted: Jun 29, 2014 6:32 AM
Updated: Jun 29, 2014 6:32 AM
JERUSALEM (AP) A developer of a natural gas field off Israel's coast has signed a letter of intent to provide gas to a facility in Egypt.
Delek Drilling says it is negotiating a deal to provide 7 billion cubic meters of natural gas from an offshore field to British company BG's plant in Idku, Egypt, through an underwater pipeline annually for 15 years.
An industry official familiar with the deal said it could be valued at about $30 billion which would be the largest energy deal in Israel's history. He spoke on condition of anonymity because he was not authorized to comment on the deal.
Until recently, Egypt provided natural gas to Israel. But following the ouster of President Hosni Mubarak in 2011, supplies were disrupted and eventually halted.