Much has been made of the nervousness with which Israel is watching events in Egypt. The peace treaty signed between the two countries in 1979 makes the relationship one of the most important regional alliances for Israel in the region, and Israel fears that a revolution could see the Egyptian government fall into the hands of Islamic fundamentalists.
But there is another reason for Israel to be concerned about trouble on the other side of the border. This is from Bushan Bahree, senior director at IHS Cera (emboldening is mine):
There is no sign so far that Egypt’s gas production, liquefaction facilities, or pipeline operations have been compromised by the political unrest. Yet there is concern among importers, notably Israel which relies entirely on Egypt for the gas it imports, at even the remote possibility of a disruption. Israel’s fast-growing market already relies on Egyptian gas to meet about half its needs.
With all eyes focused on how the events in North Africa and the Middle East are affecting the oil price, it seems local consumers may be just as concerned by what might happen to gas supplies.