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EGYPT, ISRAEL STEP IN TO BOOST GAS SUPPLY TO EU

16th June, 2022

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Context: Egypt, Israel and the European Union signed a deal to increase liquified natural gas sales to EU countries, who aim to reduce their dependence on supplies from Russia as the war in Ukraine drags on.

 

Details:

  • The deal will see Israel send more gas via Egypt, which has facilities to liquify it for export by sea.
  • Israel and Egypt have emerged as gas exporters in recent years following major offshore discoveries.
  • Under the deal, the EU will help Egypt and Israel increase their gas production and exploration in their territorial waters.
  • Last year, the European Union imported roughly 40% of its gas from Russia and has had difficulty imposing sanctions on Russia over its ongoing invasion of Ukraine.
  • Israel said the deal was a result of Russia’s invasion of Ukraine, which caused a European energy crisis.
  • Egypt described the deal as “an important milestone” for cooperation between Egypt, Israel and the EU.
  • This will lead to further cooperation between members of the East Mediterranean Gas Forum.
  • According to the deal, the Israeli gas will be brought via pipeline to Egypt’s LNG terminal in the Mediterranean Sea before being transported by tanker to European shores.

 

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