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The launching ceremony of the Palestinian Electricity Transmission Company Ltd. (PETL) was held Monday in Ramallah and was attended by Palestinian high-ranking officials and an EU representative

RAMALLAH, February 3, 2014 (WAFA) – PETL is the first national governmental company established in Palestine to build, own and operate the Palestinian electricity transmission system. It will be the sole designated buyer of electricity for transmission to Palestinian market.

PETL mission is to secure a continuous and reliable electricity supply to the Palestinian people in line with international standards and at economic prices while achieving optimal investment in the transmission infrastructure.

The ceremony was attended by Prime Minister Rami Hamdallah, Deputy Prime Minister for Economic Affairs Mohammad Mustafa, EU Representative John Gatt-Rutter, CEO of PETL Fuad al-Amleh and Minister of Energy and Natural Resources Omar Kittaneh, in addition to other dignitaries.

Hamdallah stated that Palestine has achieved remarkable progress in developing the energy sector, ensuring that it meets the accelerating demand on energy.

He added that centralizing the energy sector is a preliminary step toward reducing energy dependence on Israel.

He said that the Palestinian government continues to exert efforts to extract natural gas from Gaza offshore gas field and explore oil in West Bank fields, stressing that this would reduce dependence on foreign aid, boost the national economy and provide energy sources.

Mustafa stated that the Palestinian Authority (PA) currently spends about $2.5 billion on the energy sector; approximately $700 millions are spent on purchasing electricity from Israel while the rest goes for purchasing petroleum and gas products.

He stressed that PETL helps the Palestinians achieve political and economic independence and construct a vital infrastructure system.

Gatt-Rutter stated that the EU has supported the PA’s efforts to invest in the energy sector and that this support falls in line with the EU efforts to advance the peace process.