Egypt will review the price of natural gas exports, Minister of Oil Abdallah Ghorab was quoted by the official Middle East News Agency (MENA) as saying.

“There’s a mechanism to increase the price in the contracts,” Ghorab told reporters after meeting with Bob Dudley, the CEO of British Petroleum (BP), in Cairo.

Ghorab said that there were “technical matters” that should be sorted out before the resumption of gas exports to Israel.

BP’s CEO Dudley said his company discussed with the Egyptian Government setting up a natural gas project worth $11 billion, creating 5,000 jobs.

The project is scheduled to be carried out within the coming five years, according to Dudley.

BP said last year it would spend $10 billion in Egypt on gas and oil exploration activities over the coming years.

Egypt’s proven natural gas reserves are estimated at around 77.2 trillion cubic feet, according to the Ministry of Oil.

(Source: the egyptian gazette)