IEC likely to replace Egyptian gas with LNG

Israel Electric Corporation is expected to opt for liquefied natural gas (LNG) instead of Egyptian natural gas due to erratic supplies from Egypt.

Currently, supplies from Egypt have been suspended.

Although the LNG would cost 2-3 times the price of Egyptian natural gas, it would still be 50% less than the price of diesel, which IEC is currently buying as an alternative fuel to generate electricity.

Reports suggest that Israel is in touch with Qatar, the world's largest LNG exporter. Trinidad and Tobago is another major LNG exporter.