Israel and Egypt Agree to Supply Gas to Europe

Israel, Egypt, and the European Union have signed a memorandum of understanding regarding the increase of gas exports to the EU. This was reported by RTVI.

The signing ceremony took place on June 15 in Cairo during the Eastern Mediterranean Gas Forum.

The agreement stipulates that the Israeli side will increase gas supplies to Egypt, where it will be processed into liquefied natural gas (LNG) and then exported to Europe. Israel is already exporting gas to Europe through Egypt's liquefaction facilities, but in small quantities.

According to the signed memorandum, the parties will aim to facilitate regular gas supplies to the EU from Egypt, Israel, and other sources via the existing liquefied natural gas extraction facilities in Egypt.

The agreement also states that the EU will encourage the participation of European companies in competitive processes and investments in gas exploration and extraction projects in Israel and Egypt. The agreement is set for three years, with an automatic extension for an additional two years.