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Israel And Egypt Boost Energy Trade

Economic ties between Israel and Egypt could improve in the wake of a major gas deal between the countries. On May 23, Israel Electric Co. agreed to purchase $2.5 billion worth of Egyptian natural gas over the next 15 years from East Mediterranean Gas Corp., an Egyptian-Israeli consortium. Israeli Prime Minister Ariel Sharon backed the deal despite lobbying from British Prime Minister Tony Blair for a contract with British Gas and its Palestinian partners for supplies from a field located off the Gaza Strip.

EDITED BY Edited by Rose Brady

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