Egypt to raise gas price to Jordan

Egypt's cabinet will review a draft agreement that would raise the price of natural gas the country sells to Jordan, Oil Minister Abdullah Gorab said. "The initial agreement is there, but it is scheduled to be presented to the cabinet before the end of this month," Gorab said yesterdy in a telephone interview from Cairo. "Economic conditions have changed" since the two countries signed their original agreement in 2003, and both sides have agreed to raise the price earlier than 2018, when they had originally scheduled a review, he said. The price increase would apply retroactively to gas sold from January of this year, Gorab said, declining to specify either the current or planned price. Egypt agreed eight years ago to supply Jordan with 6.23 million cubic metres of gas a day, with an option for 15 per cent more or less than the contracted amount, the minister said.