Former Egyptian President Hosni Mubarak faces more questioning on natural gas sales to Israel at prices that were allegedly below international market levels. Egypt's public prosecutor who is conducting the investigation claims that Egypt lost $714 million on the deal which "hurt Egypt's interests."
Details about the investigation have been leaked to the Egyptian media claiming that Mubarak has denied having inappropriate contacts with former Israeli Minister of National Infrastructures Binyamin Ben Eliezer. Mubarak reportedly said that former Egyptian Oil Minister Samih Fahmy and his technical advisors were responsible for the deal with Israel.
Mubarak reportedly said during the investigation, "The responsible committees submitted a report to me saying that price Israel was offering was in accordance with world prices."
Earlier in the week Fahmy said in his interrogation, "The gas deal with Israel was the responsibility of Mubarak and previous Egyptian ministers - I had no connection to it."
Fahmy is being charged with selling gas to seven countries including Israel at prices below those on world markets.
Published by Globes, Israel business news - www.globes-online.com - on April 24, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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