Cairo: Egyptian Former Oil Minister Sameh Fahmy has been jailed for 15 years over selling natural gas to Israel at below-market rates, court official says.
The officials said that Sameh Fahmy who was close to ousted leader Hosni Mubarak and businessman Hussein Salem were convicted of harming the country’s interests by exporting natural gas to Israel at prices below world market levels.
The deals were repeatedly challenged in Egyptian courts as they were signed without a parliamentary consultation and approval.
In December 2010, Israel signed a 20-year contract with Egypt worth more than $10 billion, much cheaper than global prices, to import Egyptian natural gas.
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