The European Union (EU) is set to sign a gas supply deal with Egypt later this month as the bloc looks to reduce its reliance on Russian supplies in the wake of Moscow’s invasion of Ukraine.
A memorandum of understanding is also planned to be signed between Egypt, the EU, and Israel during European Commission President Ursula von der Leyen’s scheduled visit to Cairo, Egypt later this month.
Bloomberg reported that a potential deal would see Egypt processing Israel’s natural gas at its processing plants before being transferred to the EU.
The deal could also include measures to help reduce methane leaks.
According to the draft document: “Security of gas supply is a common major concern. Egypt and the EU will work together on the stable delivery of gas to the EU.”
The EU aims to import ten million tonnes of green gas from abroad by the end of the decade.
In a separate development, Iran and Azerbaijan have agreed on bilateral cooperation to double the annual volume of Turkmenistan gas swapped through Iran to Azerbaijan.