Egypt, Israel Sign Deal For Gas Exports to the EU

Egypt, Israel Sign Deal For Gas Exports to the EU (News Central TV)

At an energy conference in Cairo, Egypt, Israel, and the European Union signed a preliminary agreement for natural gas exports.

The memorandum of understanding aims to reduce the EU’s reliance on Russian gas.

The Israeli gas is expected to be shipped to Egyptian liquefaction plants before being shipped north to European markets.

According to the Israeli energy ministry, significant exports of Israeli gas to Europe will be permitted for the first time.

“What a special moment,” European Commission chief Ursula von der Leyen said in a joint news conference alongside the Egyptian and Israeli energy ministers. “I very warmly welcome the signing of this historic agreement.”

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European Commission Chief Ursula von der Leyen

According to Von der Leyen on Twitter, the agreement will help Europe’s energy security.

The EU imported roughly 40% of its gas from Russia last year. Countries have been working hard to reduce their reliance on Russia in order to sanction it for its ongoing invasion of Ukraine.

The agreement was signed in a five-star Cairo hotel a day after von der Leyen and Italian Prime Minister Mario Draghi met with Israeli Foreign Minister Yair Lapid for energy talks.

Von der Leyen also lauded a series of contentious agreements reached by former US President Donald Trump to normalize relations between Israel, the UAE, and Bahrain.

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Israeli gas will be piped to Egypt’s LNG terminal on the Mediterranean, where it will be liquefied and shipped to European shores on tankers.

The EU set aside 657 million euros ($736 million) in January for the construction of a 2,000-megawatt undersea electricity cable that will connect the power grids of Israel, Cyprus, and Greece. According to Von der Leyen, it will be the deepest and longest such cable ever built.


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