Israel, EU Sign Gas Deal
The European Union has signed a memorandum of understanding with Israel that eventually could see significant quantities of Israeli natural gas shipped to Europe via Egypt.
Israel, EU Sign Gas Deal
Soeren Kern | Israel My Glory | September 1, 2022
The European Union (EU) has signed a memorandum of understanding with Israel that eventually could see significant quantities of Israeli natural gas shipped to Europe via Egypt. The trilateral agreement, signed at the ministerial meeting of the East Mediterranean Gas Forum in Cairo, calls for Israeli gas to be sent through underwater pipelines to two liquefied natural gas (LNG) facilities in Egypt. From there, the LNG would be transported across the Mediterranean Sea on LNG vessels to markets in Europe.
The EU is desperately trying to reduce its dependence on Russia, which supplied around 40 percent of the bloc’s gas imports in 2021. Shortly after Russia invaded Ukraine, the European Commission, the EU’s administrative arm, proposed reducing imports of Russian gas by two-thirds before the end of this year.
