In an interview Sunday on Egyptian television, Nabil al-Arabi said Egypt will demand that Israel pay the difference between the reduced prices it received and market value on the natural gas it purchased under deposed Egyptian President Hosni Mubarak.
It was the first time an Egyptian official has spoken of a retroactive payment. The new oil minister has called for the price to be renegotiated on future purchases, according to Ynet.
Reports have circulated that the Egyptian government exports natural gas to Israel at prices lower than the cost of production.
Arabi also threatened to review and amend security arrangements agreed to in the 1979 Israel-Egypt peace treaty, but he stressed that the two countries would have to agree on any changes.
”We will stick to all of the treaties we signed, and we will demand that they keep their side of the deal,” he said, before adding that “We will not be a ‘strategic treasure’ for Israel as they used to say during the time of Mubarak. We will only abide by the treaties.”
Arabi also said that although the Sinai Peninsula is required to be demilitarized according to the treaty, Egypt keeps a military presence there.
The foreign minister stressed that the Egyptian government continues to play an important role in the Middle East peace process and… >>>