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Natural gas: EU signs gas deals with Israel and Egypt

2022-06-15T09:16:04.254Z


In the search for new gas suppliers, the European Union has allied itself with Israel and Egypt. An agreement to export gas to the EU has therefore been signed. It's supposed to make "significant" deliveries.


The EU, Israel and Egypt have signed a declaration of intent for a natural gas agreement.

The deal will enable "significant" exports of Israeli gas to Europe for the first time, Israel's Energy Ministry said on Wednesday.

The exact magnitude remained open for the time being.

According to the Israeli Ministry of Energy, the gas export agreement with the EU is said to have been concluded for a period of three years and will be automatically extended for a further two years.

The EU had said Israel could help reduce its dependence on Russian energy in the future.

The agreement was signed on the sidelines of an energy conference in the Egyptian capital Cairo, which was also attended by EU Commission President Ursula von der Leyen.

Officials believe that Israeli gas will be piped to liquefaction plants in Egypt and then shipped to Europe.

Von der Leyen said the agreement would also strengthen regional cooperation.

The EU is also planning an agreement with Egypt on the production of hydrogen.

According to Israel, as part of the export agreement, European companies are to be encouraged to participate in Israeli and Egyptian tenders for the search for new gas sources.

The EU Commission and the states of the European Union are currently trying to find alternatives to Russian gas and oil imports worldwide.

The EU has already decided on a coal and oil embargo against Russia because of the Russian attack on Ukraine.

Gas deliveries from Russia, on the other hand, have not yet been sanctioned.

kig/Reuters

Source: spiegel

All business articles on 2022-06-15

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