Connect with us

Hi, what are you looking for?

World

EU signs gas deal with Egypt, Israel to end ‘dependency’ on Russia

Israel and Egypt plan to boost gas exports to Europe under an agreement signed during a Cairo visit by EU chief Ursula von der Leyen.

The European Union signed a memorandum of understanding with Egypt and Israel to increase gas supplies to the 27-member bloc in view of Russia's invasion of Ukraine
The European Union signed a memorandum of understanding with Egypt and Israel to increase gas supplies to the 27-member bloc in view of Russia's invasion of Ukraine - Copyright AFP/File TIM SLOAN
The European Union signed a memorandum of understanding with Egypt and Israel to increase gas supplies to the 27-member bloc in view of Russia's invasion of Ukraine - Copyright AFP/File TIM SLOAN

Israel and Egypt plan to boost gas exports to Europe under an agreement signed during a Cairo visit Wednesday by EU chief Ursula von der Leyen as the bloc seeks to wean itself off Russian gas.

Von der Leyen also pledged food relief worth 100 million euros ($104 million) for Egypt, which has been reeling from grain shortages as a result of the Ukraine war.

The European Commission president had vowed on Tuesday, during a visit to Israel, to confront Russia for its use of fossil fuels to “blackmail” European countries.

The memorandum of understanding on gas exports between Egypt, Israel and the EU was signed at the East Mediterranean Gas Forum, the Egyptian petroleum ministry said.

In a joint press conference with Egyptian President Abdel Fattah al-Sisi, von der Leyen said the MoU comes as Europe seeks to “get rid of its dependency on Russian fossil fuels”.

Under a landmark $15 billion deal in 2020, Israel already exports gas from an offshore field to Egypt, where it is liquefied and shipped to European countries.

But a significant increase in gas exports from Israel via Egypt would require major long-term infrastructure investments.

Von der Leyen also pledged “immediate relief of 100 million euros” to support food security in Egypt, the Arab world’s most populous country, which has relied on Russia and Ukraine for over 80 percent of its wheat.

She also pledged 3 billion euros in “agriculture, nutrition, water and sanitation programmes over the next years here in the region”.

Sisi said von der Leyen’s first official visit builds on the recent “intense momentum” of Egyptian relations with the EU.

During her Israel visit, von der Leyen had accused Moscow of deliberately cutting off gas supplied to European countries “in retaliation for our support to Ukraine”.

“This is a big step forward in the energy supply to Europe, but also for Egypt to become a regional energy hub,” she said in Cairo, also highlighting Egypt’s renewable energy potential.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

Tech & Science

Cryptocurrencies have crashed recently and dragged down the in-game tokens that had initially attracted players.

Business

Hong Kong carrier Cathay Pacific reported losses had narrowed in the first half after an "extremely difficult start" to the year.

Business

The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the SEC's website.

World

British cartoonist R. Briggs, whose creation "The Snowman" became a Christmas staple for generations of kids, has died aged 88.