EGYPT, ISRAEL STEP IN TO BOOST GAS SUPPLY TO EU

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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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