Search JTA's historical archive dating back to 1923

Modai to Egypt to Discuss Oil

August 8, 1979
See Original Daily Bulletin From This Date

Energy Minister Yitzhak Modai left for Egypt today to seek assurances that Israel will continue to receive oil from the rich Alma oilfield in the Gulf of Sinai after it is turned over to Egypt in November. Modai said the oilfield now provides Israel with one quarter of its needs and he wants Egypt to maintain this rate.

The Egyptians have agreed, in principle, to sell Israel oil at the prevailing international market price and in quantities that will be equal to the production at the Alma field on the day it is returned to Egypt. The field now yields some 40,000 barrels a day, or two million tons a year, a figure which includes a new oil well which was only put into operation a week ago.

Israel would also like Egypt to pay something of the high cost spent by Israel in developing the Alma field. But Egypt has refused to pay anything for the investment made by Israel during its control of Sinai.

Recommended from JTA