Egypt's Dolphinus Sees Gas Import Deal With Israel in Months

Dolphinus Holdings, an Egyptian gas trading company, expects to sign a final accord for natural gas imports from Israel’s Leviathan field in the next four to six months.

Dolphinus hopes to get the necessary approval from the Egyptian government in a “few months," co-founder Khaled Abu Bakr said by phone from Paris. The company has the support of a “large shareholder” in the Arish–Ashkelon pipeline, which links Israel to Egypt’s Arab-Gas Pipeline, and is discussing fees, Abu Bakr said, without identifying the shareholder.

An agreement would alleviate an energy shortage in Egypt that has cut industrial output and may also help to position the country as a transfer point for eastern Mediterranean gas, where Israel, Cyprus and Egypt itself have made large discoveries. The government ended a state monopoly on importing and exporting gas earlier in February.

“We’re betting on the liberalization of Egypt’s energy market that will allow the private sector to import its own gas," Abu Bakr said.