In landmark deal signed in Cairo, Israel to export natural gas, via Egypt, to Europe

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Title : In landmark deal signed in Cairo, Israel to export natural gas, via Egypt, to Europe
Link : In landmark deal signed in Cairo, Israel to export natural gas, via Egypt, to Europe

Israel, Egypt and the European Union signed a memorandum of understanding on Wednesday in Cairo that will see Israel export its natural gas to the bloc for the first time.

The landmark agreement will increase liquified natural gas sales to EU countries, which are aiming to reduce dependence on supply from Russia in the wake of its invasion of Ukraine.

Last year, the EU imported roughly 40 percent of its gas from Russia. It has faced energy difficulties since imposing sweeping sanctions on Moscow.

The agreement will see Israel send gas via Egypt, which has facilities to liquify it for export via sea.

Energy Minister Karine Elharrar said the signing of the MOU had cemented Israel’s role on the global energy stage. READ MORE