PTT buys 25% of East Mediterranean Gas Co.
Oil & Gas Journal
By an OGJ correspondent
BANGKOK, Dec. 7 -- Thailand's state-owned PTT PLC has acquired a 25% interest in Egyptian gas firm East Mediterranean Gas Co. SAE (EMG) for $487 million.
PTT said it bought 36.75 million shares in EMG from Cairo-based Mediterranean Gas Pipeline Ltd. at $13.25 a share.
EMG holds an exclusive right to export natural gas from Egypt to Israel, which is building a $469 million gas pipeline from El-Arish in northeastern Egypt to Ashkelon in Israel.
EMG signed an accord to purchase 677 MMcfd of gas for 15 years from Egyptian General Petroleum Corp. and state-owned Egyptian Natural Gas Holding Co.
Its main customer is the state-owned Israel Electric Corp., which would buy 206 MMcfd of gas for 5 years.
Following PTT's acquisition, Mediterranean Gas Pipeline holds 28% of East Mediterranean Gas, Merhav Group 25%, EMI-EGI LP 12%, and Egyptian General Petroleum and Egyptian Natural Gas Holding together owns 10%.
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