This article was first published on the Year of Energy website.
The U.S. International Development Finance Corporation will provide $430 million in insurance to advance energy security in Egypt by restoring a natural gas pipeline and transporting natural gas from fields offshore Israel.
Adam Boehler, Chief Executive Officer of the U.S. International Development Finance Corporation said that the insurance will enable Noble Energy to restore the EMG Pipeline running from Israel’s coastal city Ashkelon to Al-Arish, Egypt. The restored pipeline will also support the transportation of 3 trillion cubic feet of natural gas over 15 years.
“Strengthening energy security—which bolsters trade, supports investment, and improves quality of life—is critical to ensuring lasting prosperity and stability in Egypt,” said Boehler.
The project, which is a massive private sector investment, will help Egypt meet its growing demand for reliable and affordable energy, and grow the economy. The gas will be purchased by Dolphinus Holdings, a gas trading company.
“Egypt is a strategic partner to the United States. We are excited to support this critical investment in the country by an American company which will not only spur job creation and economic growth but also help provide reliable and affordable energy for the people of Egypt and others throughout the region,” U.S. Ambassador to Egypt, Jonathan Cohen, said.
Egypt is a member of the Gas Exporting Countries Forum, the Minister of Petroleum, H.E. Tarek El-Molla will be attending the Summit, joining various Heads of State in Equatorial Guinea on November 27, 2019.