European Union explores joint natural gas venture with Egypt and Israel
In a significant move aimed at diversifying the European Union's (EU) gas sources and alleviating the ongoing energy crisis, the EU, Israel, and Egypt have signed a provisional gas export agreement in Cairo. This agreement, authorised by the respective energy ministers of the three parties, marks a potential shift in the EU's gas supply.
According to Ms. Elharrar, Israel's Energy Minister, and Egypt's Minister of Oil, Tarek El Molla, the agreement will enable considerable exports of Israeli gas to Europe for the first time. The EU, which imported approximately 40% of its gas from Russia last year, will now see an increase in liquefied gas (LNG) imports from Israel under the terms of the agreement.
European Commission President Ursula von der Leyen defined the agreement as a 'significant advance in the energy supply to Europe.' She further explained that this initial step towards a Mediterranean-wide contract is crucial, as she believes that energy resources are shifting towards the global south and east.
Under the agreement, the EU will encourage European firms to participate in Israeli and Egyptian exploration tenders. However, no specific companies or details about the financial terms of the agreement were provided in the report.
The agreement allows for Israeli gas to be sent to liquefaction plants in Egypt and delivered to European markets. While no details about the timeline for the expansion of gas deliveries were provided, it is expected that it will take several years before deliveries can be expanded.
Von der Leyen also emphasised that the EU aims to use less gas after 2030, with the goal of achieving a zero-emission status by 2050. After this period, the EU is expected to remain a big gas consumer until around 2030.
The signing of this agreement was witnessed by von der Leyen, further underscoring its importance in the global energy landscape. This agreement is part of the broader effort to diversify the EU's gas sources beyond Russia, a move that could have far-reaching implications for the EU's energy security.
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