PTT buys 25% of East Mediterranean Gas Co.

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%.

Related Articles

ETP unit gets FERC approval for gas exports to Mexico

03/21/2014 Energy Transfer Partners LP unit Houston Pipe Line Co. LP (HLPC) has received approval from the US Federal Energy Regulatory Commission to build a ...

Millennium Pipeline appoints president

03/20/2014 Millennium Pipeline Co. LLC has selected Joseph Shields as its president. He succeeds Rocco D’Alessandro, who held the position beginning in May 20...

Shah Deniz II, South Caucasus Pipeline contracts awarded

03/20/2014 The Shah Deniz and South Caucasus Pipeline consortia awarded project management and construction contracts for the development of Shah Deniz Stage ...

MARKET WATCH: NYMEX crude prices rise on Seaway pipeline expansion news

03/19/2014 Crude oil futures prices rose on the New York market Mar. 18 after Enterprise Products Partners LP told analysts and investors that an expanded Sea...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected