Business | Oil & Gas
Syria buys Egypt gas at oil-linked price
Syria began buying natural gas by pipeline from Egypt at a price linked to the cost of oil, the Al Alam Al Yom newspaper reported.
- Bloomberg
- Published: 23:29 July 11, 2008
London: Syria began buying natural gas by pipeline from Egypt at a price linked to the cost of oil, the Al Alam Al Yom newspaper reported.
The gas price is $5 a million British thermal units when the price of Brent crude is $30 a barrel, the newspaper said, citing unidentified people familiar with the matter.
Al Alam Al Yom said deliveries of the fuel will start at 2.5 million cubic metres a day and will increase to six million cubic metres a day in the first year.
Egypt is bearing a $2 per million Btu cost of transporting the fuel through Jordan and Syria, the newspaper said.
Syria needs Egyptian gas as its own production cannot meet local demand, Al Alam reported.
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