Egyptians face charges in gas deal

CAIRO, May 24 (UPI) -- Two former petroleum ministers are among the officials on trial in Egypt for their role in alleged illegal activity in gas exports to Israel, a court said.

Egypt's former Minister of Petroleum Sameh Fahmi and five other former officials are charged with corruption and harming the public interest in a deal to sell Egyptian natural gas to Israel.

The 2005 deal fixed the maximum price for gas for Israel at far less than global market conditions. The country's attorney general said the deal cost Egypt about $700 million in lost revenue.

The criminal case has opened in Cairo, Egyptian newspaper Al-Masry Al-Youm reports.

The prosecution wants the defendants to pay around $150,000 and be tried for treason for working against Egyptian national interests.

The deal helped increase economic pressure in Egypt and was a rallying cry for reformers since at least 2008. When natural gas prices increased across the board, the price to Israel remained static.