The two sides hope to start piping gas by the beginning of next year, AFP PHOTO / AHIKAM SERI
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The companies developing Israel's largest natural gas fields and an Egyptian partner are close to a deal that would give them control of the pipeline to Egypt, eliminating some of the outstanding legal disputes that have impeded progress on a $15 billion export contract. Israel's Delek Drilling LP, U.S.-based Noble Energy Inc. and an Egyptian company are in advanced talks to buy 37 percent of East Mediterranean Gas Ltd., which operates the undersea pipeline that connects to Egypt's Sinai Peninsula, people familiar with the matter said. The buyout would clear a major obstacle to the use of EMG's pipeline to transport 64 billion cubic meters of natural gas from Israel's Tamar and Leviathan fields to Egypt's Dolphinus Holdings Ltd. over 10 years.Egypt has said it was keen to settle the cases before any gas deal is implemented.Since the supply disruptions, both Israel and Egypt have made significant offshore gas discoveries that could transform the region and boost their economies.
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