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.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
