Egypt needed a reliable source of fuel to meet growing domestic demand and to advance its goal of becoming a regional energy hub.
Solution and Impact
Political risk insurance is supporting a project by Houston, Texas-based Noble Energy to rehabilitate a natural gas pipeline and transport natural gas from the Leviathan and Tamar offshore fields in Israel to customers in Egypt.
Noble has restored an 89-kilometer pipeline that runs from the coastal city of Ashkelon, Israel, under the Mediterranean Sea, to its destination in Al-Arish in northeastern Egypt, where it enters the Egyptian gas pipeline system. The insurance also supports the transport and sale of three trillion cubic feet of natural gas over 15 years. The imported gas is expected to supply up to 11 percent of Egypt’s energy needs. In addition to increasing energy supply to support Egypt’s growing economy the project will advance Egypt’s long-term goal of becoming a regional hub for natural gas transportation, processing, liquefaction, and an exporter of natural gas to Europe and other global markets.