Israel's Tamar gas field announced Sunday they have signed a bid to sell at least five billion cubic meters of natural gas over three years to private consumers in Egypt.
The Tamar partners, led by Texas-based Noble Energy and the Israeli Delek Group, said in a statement that they have signed a letter of intent with Dolphinus Holdings, a consortium of industrial and commercial gas consumers and distributors in Egypt, Xinhua reported.
The partners said the gas will be sold based on Brent crude oil prices, with estimated revenue of about $700 million per year.
The gas would be transferred via an old pipeline in Sinai peninsula that was built nearly a decade ago to carry gas from Egypt to Israel.
