Libya to push up oil

EMG currently delivers two billion cubic meters of gas a year, advertence that its anniversary EBITDA is $100 million.

East Mediterranean Gas Aggregation (EMG) sales of gas to Israel accounts for 30% of Egypt's absolute gas revenue, EMG actor Ampal-American Israel Corporation told investors. Ampal, controlled by Yosef Maiman, owns 12.5% of EMG.

EMG sells gas to Israeli barter that it purchases from the Egyptian National Gas Aggregation (EGAS). EMG currently has affairs account over $15 billion with Israel Electric Corporation (IEC), Israel Corporation, and added customers.

The amount of accustomed gas in the IEC arrangement is reportedly $4-4.50 per actor British Thermal Units (mmbtu), and the amount in the added contempo arrangement with Israel Corp., active in December 2010, is reportedly $4.50-5 per mmbtu.

Last week, in a presentation to investors, Ampal said that EMG estimated acquirement on seven billion cubic meters of accustomed gas sales per year exceeds $1 billion and its balance afore interest, taxes, abrasion and acquittal (EBITDA) of $350 million. A adding by "Globes" shows that this amounts to $50 actor per billion cubic meters, or $1.40 per mmbtu.

EMG currently delivers two billion cubic meters of gas a year, advertence that its anniversary EBITDA is $100 million. The EBITDA amount does not accommodate acquittal for the activity that EMG congenital or its costs costs on loans. The abstracts do accommodate accepted expenses, such as salaries.

Maimon's Merhav Group said, "The amount of $1.40 per mmbtu is incorrect. It is bald speculation."

Hussain Salem owns 28% of EMG, Egyptian Accustomed Gas Holding Aggregation owns 10%, Thai activity behemothic PTT Public Co. Ltd. owns 25%, Yosef Maiman owns 20.6% through Ampal and his clandestine aggregation Merhav MNF Ltd., and Israeli institutional investors own 4.4%.