The revised contract for exporting natural gas to Jordan adds an extra US$250 million in annual profits for Egypt, according to a high official at the Ministry of Petroleum.
The official added that the petroleum ministers of Egypt and Jordan will sign the new contract in Cairo this month.
“We agreed to revise the contract every two years,” said Petroleum Minister Abdallah Ghorab.
According to the old contract, which was signed in 2004 for a period of 15 years, Egypt was to export 4.2 billion cubic meters of natural gas every year to Jordan.
Gas exports to Jordan declined by 27 percent during 2010. They further declined in the first half of 2011 due to a series of explosions along the pipeline after the January uprising.
A Jordanian official had this week said that gas exports would resume, but at new prices.
Amman, the capital of Jordan, relies on Egyptian gas for generating 80 percent of its electricity.
Translated from the Arabic Edition
