Europe’s biggest gas pipeline group Snam has acquired a 25% stake in East Mediterranean Gas Company (EMG), which owns a pipeline between Israel and Egypt, marking its entrance into a high gas demand area, Reuters reports.
Snam will invest $50 million to take control of shares of Thai energy company PTT Energy Resources Co.
Israeli’s Delek Drilling (DEDRp.TA) and U.S. major Chevron Corp (CVX.N) have both equity investments in EMG’s top shareholder EMED.
The 90 km-long Arish-Ashkelon gas pipeline, part of the so-called Peace Gas Pipeline, is one of the main energy supplies sources for Egypt, linking the Israeli terminal of Ashkelon to the Egyptian receiving station of Al-Arish.
Italian Snam acquires 25 per cent of Egypt-Israel-owned East Mediterranean Gas
