Egypt, Israel, and the European Union on June 15 signed a deal to increase liquified natural gas sales to European Union (EU) countries, who aim to reduce dependence on supply from Russia as the war in Ukraine drags on.
The deal, stamped in a five-star Cairo hotel, will see Israel sending more gas via Egypt, which has facilities to liquify it for export via sea.
The Israeli gas will be brought via a pipeline to Egypt’s LNG terminal on the Mediterranean before being transported on tankers to the European shores. Israel has two operational gas fields off its Mediterranean coast containing an estimated 690 billion cubic metres of natural gas combined, and a third offshore rig is in the works. It has already signed gas export agreements with neighbouring Egypt and Jordan.
Egypt’s extensive natural gas facilities on the Mediterranean have stood largely inactive since the country’s 2011 uprising that toppled long-time autocrat Hosni Mubarak.