Home > Global news > Obama Offers Egypt $1Billion of US Taxpayers Money to Continue Selling Under Priced Gas to Israel

Obama Offers Egypt $1Billion of US Taxpayers Money to Continue Selling Under Priced Gas to Israel

Friday, 03 June 2011 07:29

‘But Egypt’s former energy minister and five ministry employees are in prison and accused of cheating the state of more than $700 million through the deal with Israel. A close associate of Mr. Mubarak’s, Hussein K. Salem, was a top shareholder in East Mediterranean Gas, or EMG, the company that owns the pipeline, until 2008.

The gas deal has been an integral part of the two countries’ relations and has been supported by Washington. President Obama recently offered Egypt $1 billion in loan guarantees and $1 billion in debt relief on the condition that it meets its commitments. The United States has told Egypt that its security obligations in the northern Sinai are among its commitments, an American official said.’

Read more: Obama Offers Egypt $1Billion of US Taxpayers Money to Continue Selling Under Priced Gas to Israel

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