Israel, EU, Egypt ink deal to boost gas supply to Europe


Egypt, Israel, and the European Union on Wednesday signed a deal to increase liquefied natural gas sales to 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 liquefy it for export via sea, European Commission chief Ursula von der Leyen said.

"What a special moment," von der Leyen said in a joint news conference alongside Egyptian and Israel energy ministers. "I very warmly welcome the signing of this historic agreement."

Last year, the European Union imported roughly 40% of its gas from Russia, and due to that has had difficulty imposing sanctions on Russia over its ongoing invasion of Ukraine.

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 meters of natural gas combined, and a third offshore rig is in the works. It has already signed gas export agreements with neighboring Egypt and Jordan.

Egypt's extensive natural gas facilities on the Mediterranean have stood largely inactive since the country's 2011 uprising that toppled longtime autocrat Hosni Mubarak.

In recent years, the government of President Abdel Fattah al-Sisi rehabilitated and modernized the facilities. In 2018, Egypt signed a $15 billion deal with Israeli company Delek Drilling and its U.S. partner, Noble Energy to transport natural gas there. Egypt aims to create a regional energy hub.

Comments 3
Missing HellAndWaite 15 June 2022, 15:10

maybe Lebanon can yet get to an agreement on the maritime border and mobilize the economy to be able to participate in such deals that honestly and honorably earn money .. that will be better than muling captagon, contraband, and other Syrian and Persian puppetplays

Missing phillipo 15 June 2022, 16:55

Lebanon could have been a partner in this if only it had come to an agreement with Israel. Maybe now, some leaders in the country will finally come to realise that direct negotiations are the only way to speed up an agreement and enable the country to press forward with the development of sites like Qana. Unfortunately, for Lebanon, I don't think too many people are holding their breath that this will happen.

Missing singldad 15 June 2022, 18:44

I would rather have no deal as long as those murderers and thieves are still in power. They will pocket all the money!