Israel, Egypt and the EU have signed a memorandum of understanding (MOU) under which Israel will export natural gas to the EU via Egypt for the first time, as Europe steps up efforts to secure alternative energy supplies to Russia.
At the signing ceremony in Cairo on Wednesday, European Commission chief Ursula von der Leyen hailed the breakthrough. “What a special moment. With this agreement we will work on the stable delivery of natural gas to the EU from the East Med region. This will contribute to our EU energy security.”
The gas will be transferred from Israeli gas fields in the Mediterranean Sea to Egypt via an existing pipeline, and Egypt will use its facilities to liquefy the gas for export to ensure a steady stream of natural gas to Europe. The agreement is valid for three years and will automatically extend for two further years.
The sides also agreed to work on a plan to make gas exports to Europe more efficient. The EU will encourage European companies to take part in searching and producing new natural gas fields in Israeli and Egyptian economic waters.
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Israel’s energy minister Karine Elharrar said the signing of the memorandum of understanding had cemented Israel’s role on the global energy stage. “This is a tremendous moment in which little Israel is becoming a significant player in the global energy market. This is a statement to those who see in our region only negative forces such as division and conflict. This MOU shows us that we are paving a new path of partnership, solidarity and sustainability.”
Last year the EU imported roughly 40 per cent of its gas from Russia, which supplied 155 BCM (billion cubic meters) of gas to Europe.
Israel currently exports 8 BCM of natural gas annually, and it has a surplus of another 4 BCM that it can export after supplying its own needs. The intention is to expand exports after gas production begins from existing and proven resources, and to expand further if and when discoveries are confirmed in forthcoming drillings and in explorations under a new tender due to be held shortly.
Before arriving in Cairo, Ms von der Leyen was in Israel where she sought to ensure that the EU would be given priority in gas exports from Israel at least in the coming decade.
