(Ecofin Agency) - Israel’s parliament (Knesset) has signed a deal with Dolphinus Holdings for the importation of gas from Israel to Egypt for 3 years with an option to renew the contract for another two years.

This is coming almost a week after Dolphinus Holdings and TAQA Arabia have requested for licences from Egyptian Natural Gas Holding Company (EGAS) to import natural gas for the private sector in Egypt and both companies were given preliminary approval for their import requests in expectation of Egypt’s new gas law.

According to a government official, Dolphinus Holdings will be given licence to import gas from Israel, as the Israel Electric Corp. Ltd will renounce the arbitral award issued by the International Chamber of Commerce (ICC) against EGAS.

In addition, five officials from Israel are expected to visit Egypt by late September to study and further talks on exporting gas through Egypt, Egypt Oil & Gas reports.

Anita Fatunji