Sanam of Italy acquires stake in the Israel-Egypt gas pipeline

Sanam Group, the largest pipeline group in Europe, said today, Thursday, that it has completed the acquisition of a 25% stake in East Mediterranean Gas Company (EMG), which owns a gas pipeline between Israel and Egypt, to enter in a region with high demand for gas.

The 90-kilometer-long Arish Ashkelon pipeline is part of the so-called Peace Gas Pipeline, one of Egypt’s main sources of energy supply, and connects the Israeli Ashkelon plant with the Egyptian reception station of Arish.

Sanam said it paid about $ 50 million for the stake it acquired from Thai energy company PTT Energy Resources.

Israeli Delek Drilling and American Chevron have stakes in EMED, the largest shareholder of EMG.

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