Egypt, Israel, and the European Union struck a pact on Wednesday to enhance liquefied natural gas sales to EU members, with the goal of reducing reliance on Russian supplies while the Ukraine conflict continues.
According to European Commission president Ursula von der Leyen, the accord will see Israel transferring more gas via Egypt, which has facilities to liquefy it for export via sea.
“What a unique opportunity,” von der Leyen said at a joint press conference with Egypt’s and Israel’s energy ministers. “I am delighted to see this historic deal signed.” Last year, the European Union received almost 40% of its gas from Russia, and as a result, placing sanctions on Russia over its behaviour was tough.
Off Israel’s Mediterranean coast, two gas fields are active, with a total of 690 billion cubic metres of natural gas, and a third offshore rig is in the works. It has previously agreed to sell gas to Egypt and Jordan, who are both neighbours.
Since the 2011 revolt that deposed longstanding autocrat Hosni Mubarak, Egypt’s massive natural gas infrastructure on the Mediterranean have remained mainly idle.
The facilities have been renovated and updated in recent years by President Abdel Fattah el-government. Sissi’s Egypt struck a $15 billion contract in 2018 to transport natural gas there with Israeli company Delek Drilling and its American partner, Noble Energy. Egypt is attempting to establish a regional energy hub.
Featured Image: Wikimedia commons
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