Egypt signs a memorandum of understanding with Israel and the European Union, becoming a key-player in the facilitation of exportation of Israeli marine-extracted natural gas to Europe.
This agreement also aligns with the EU’s recent objective, following the recent Russia-Ukraine war, of banning the imports of Russian oil by the end of 2022.
“We want to diversify to trusted suppliers and Egypt is a trustworthy partner. This is a big step forward in the energy supply to Europe but also for Egypt to become a regional energy hub,” said President Ursula von der Leyen, EU’s Commission, in a press conference following the announcement.
It has been agreed that Israeli’s extracted gas will be shipped to Egypt through Egyptian-Israeli pipelines, liquified through the existing Egyptian natural gas liquefaction infrastructures and then transported to European shores. This MoU also included plans for collaborative efforts to formulate the necessary strategies needed to accelerate this process.
Initially, the MoU will be put into effect for three years, after which it will be automatically renewed for a following period of another three years.
The EU has also agreed to “endeavor to encourage” investments from European countries in both Egyptian and Israeli natural gas production and exploration, as well as assisting in reducing carbon emissions to fit international standards.
Similarly, it is worth noting that this MoU had a section entirely focused on the environmental impact and safety regards of this agreement, with both sides ensuring that any future investments will not have any negative implications on the environment or safety of any country.
This indication of environmental awareness is not limited to the MoU, as during the same meeting, it has been announced that Egypt will be collaborating with the European Union to launch a green hydrogen partnership during the long-awaited COP27.
“Egypt has the potential to become a leader in renewable energy production and export,” von der Leyen commented.
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