Israeli Delek to ‘move ahead’ with gas exports deals with Egypt

Israeli Delek Group will ‘move ahead’ with the process of securing export deals with the Egyptian commercial companies despite Egypt’s call to freeze all negotiations with Israel.

In a statement sent to Tel Aviv Stock Exchange Monday, Delek -that owns stakes in two large natural gas fields off Israel- and its partners stated that they were not involved in the arbitration case.

Israeli energy companies also announced on Monday they would pursue talks with potential natural gas importers in Egypt a day after Cairo called for a freeze in all negotiations until a separate arbitration case with Israel was settled.

On Sunday, Egypt had said it would appeal an order by international arbitrators to pay $1.76 billion in compensation to state-owned Israel Electric Corp for halting gas supplies three years ago.