Cairo – Mubasher: Egyptian East Gas Co (EMG), the US’ Noble Energy Inc. and Israel’s Delek Drilling LP have signed a deal to buy a 39% stake in Eastern Mediterranean Gas Co at a total value of $518 million.

Delek and Noble will pay $185 million each, while the Egyptian partner will pay the remaining sum, Bloomberg News reported on Thursday.

Upon this agreement, the buyers will enjoy exclusive rights to lease and operate the subsea gas pipeline owned by EMG, which links southern Israel to the Sinai Peninsula.

The partners in Israel's Tamar and Leviathan offshore gas fields will use the EMG pipeline to execute a $15 billion deal signed in February to export 64 million cubic metres of gas to the most populous Arab country over 10 years.

The recently signed deal will eliminate legal obstacles hindering gas export of from Israel to Egypt, Delek said in a statement to the Tel Aviv bourse.

 The Israeli company expected gas to start flowing in early 2019, according to the statement.

In February, Israel’s Delek Group announced two 10-year deals worth a combined $15 billion to sell natural gas to Egyptian private company Dolphinus Holdings.

The partners in Israel’s Tamar and Leviathan offshore gas fields have the agreements to export around 64 billion cubic metres of gas to the Egyptian firm.