Egypt has signed an agreement with Israel and the European Union to increase natural gas supplies to Europe in a move that could make it a regional hub for natural gas trade.
In this context, the newspaper “Cairo 24” reported that the tripartite agreement would increase the chances of Cairo becoming a regional center for the natural gas trade, as it had planned several years ago. past, supported by the discovery of large gas reserves in the Mediterranean, which helped it become self-sufficient by the end of September 2018, and at the beginning of the export trend.
Speaking about Egypt’s previous preparations in the field of infrastructure improvements, it was noted that Egypt had invested “approximately £ 1.2bn in the oil sector by the end of April 2022, as part of its plan to become a regional oil and natural gas trade. and trading hubs, including £ 778bn worth of projects. ” It has already started working, according to Egyptian government data.
Commenting on the move, the newspaper wrote that, along with the European Union’s efforts to punish Russia and cut off its natural gas supplies, gas from the eastern Mediterranean is a close destination and reliable source, in light of desire of Egypt and Israeli to rise. exploring the region and consolidating The two countries have plans to increase exports, as well as Egypt’s availability of the necessary infrastructure for exports.
And Egypt’s natural and liquefied gas exports reached an “unprecedented level last year 2021, and in the first months of this year 2022, as they witnessed an increase of 770% last year, after the resumption of liquefied gas plants from Damietta and Idku. , and the resumption of exports of liquefied gas, then stop It took 8 years.
According to Egyptian government data, “the value of natural and liquefied gas exports from Egypt, in the period between January and the end of April 2022, reached $ 3.9 billion, equivalent to 63 billion pounds, due to the increase in price, while the daily gas production rates reached by Natural Gas in the current year are approximately 6.8 billion cubic feet.
It is noteworthy that Egypt receives “natural gas from the Israeli fields-the eastern Mediterranean, from plants to melt the natural gas, and then fills it with ships, and re-exports it, which if how Egyptian and Israeli gas is brought to the European Union, in the absence of gas pipelines to deliver natural gas. ” on the old continent.
It was reported that Egypt and the European Union already have a “memorandum of understanding for a strategic partnership in the energy fields since 2018, and the two sides also launched the first business forum between the European Union and Egypt on sustainable energy in that time. ” . “
The governments of Egypt and Cyprus signed an “agreement in 2018, paving the way for the establishment of an offshore gas pipeline between the two countries, to deliver gas from the Cyprus Aphrodite field, to liquefaction plants in Egypt , and re-export it. , a line that has currently reached agreements with investors ”.
On a related issue, the Eastern Mediterranean Gas Forum will hold its seventh ministerial meeting. This Cairo-based forum was established “on an Egyptian initiative, presented by the state during the Crete Summit, between the leaders of Egypt, Cyprus and Greece, to be launched in September 2020, and among its members: Egypt, Greece, Cyprus, Israel and Jordan ”. Palestine, and Italy, before joining France -later- as a member, and the United States, as an observer, in addition to representing the World Bank and European Union.
Origin: Cairo 24
Source: Arabic RT
