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Ampal-American to raise stake in Egypt-Israel gas firm

Source: reuters 11/29/2006, Location: Africa

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Ampal-American Israel Corp. said on Wednesday its unit will acquire 5.9 percent more stake in East Mediterranean Gas Co. from Israel's Merhav M.N.F. Ltd. for about $128.3 million. The purchase price comprises of about $68.3 million in cash, $40 million in shares and $20 million in promissory notes, the company said in a statement.

EMG is an Egyptian-Israeli joint venture which has been given the right to export natural gas from Egypt to Israel and other locations in the East Mediterranean basin via an underwater pipeline.

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