Partnership is valid for 3 years; is part of Europe’s efforts to reduce dependence on Russian natural gas
THE HUH (European Union) signed this Wednesday (June 15, 2022) a memorandum of understanding with Egypt and Israel for the supply of natural gas to Europe. The President of the European Commission, Ursula von der Leyen, announced the agreement with the 2 countries.
“This is a big step forward in providing energy for Europe, but also for Egypt to become a regional energy hub”said Leyen in Cairo.
In practice, the product will be extracted from Israel and refined in Egypt and then shipped to European countries. The move is part of the EU’s efforts to free itself from dependence on Russian natural gas.
In 2021 alone, the European Union imported around 40% of the gas it consumes from Russia.
According to Bloomberg, the Israeli government believes that the memorandum of understanding will encourage European companies to invest in gas projects in Israel and Egypt. The agreement is valid for 3 years and can be renewed for another 2 years.
There is no information about the amounts involved in the negotiation.
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