Hamas quiet as Palestinian Authority plans to develop Gaza marine gas field
The Palestinian government is expected to conclude an agreement with an Egyptian company to develop the Gaza Marine gas field and start extracting gas from it by the end of the year.
RAMALLAH, West Bank — The Palestinian Authority formed a ministerial committee Oct. 17 to oversee the sovereign Palestine Investment Fund on progress toward an agreement on the operation of the Gaza Marine gas field off the coast of the Gaza Strip.
The fund and the Athens-based Consolidated Contractors Company each own a 27.5% share in the field. The remaining 45% will be owned by the operating company, the Egyptian Natural Gas Holding Company.
Palestinian Minister of Social Affairs Ahmad Majdalani told Al-Monitor that an agreement is expected to be signed by the end of this year and work will begin at the beginning of next year.
Majdalani denied Israeli media reports that Israel will get a financial share in the field as a signatory of the agreement, saying, “It is an agreement between Palestine and Egypt alone.”
