Dorad Energy, Egypt's EMG finalized gas supply contact. Deal pending onset of Israeli-Egyptian natural gas agreement. Dorad to form largest private power station in Israel
Israel's Dorad Energy announced it has signed a $2 billion gas acquisition deal with Egypt's EMG, pending the onset of the natural gas deal signed between Israel and
Egypt, Yedioth Ahronoth reported Thursday.
Dorad, which is a private energy company, controlled by Uri Dori Engineering Works and the Eilat-Ashkelon Pipeline Company, is to build the largest private power station in Israel.
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Based in Ashkelon and scheduled to be up and running by mid 2008, the power station is expected to produce 800 watts of power.
According to the contracts, EMG will supply the station with natural gas for the next 15 years, with an option to extend the contract for another five, for some $100 million a year.
EMG has recently signed another gas contract, this time with Israel's Nesher Cement Enterprises; and is currently negotiating two additional contracts with other leading Israeli companies.
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