The European Union is working on a deal to import Israeli gas through Egypt to reduce its dependence on supplies from Russia.
The fuel would be turned into liquefied natural gas at Egypt’s processing plants before being shipped to the EU. The deal will strengthen the opportunities of the European market for Israel, where domestic gas prices are much lower than the rates it can charge on the continent.
Vladimir Putin’s invasion of Ukraine sparked international condemnation and a move by buyers of Russian gas to secure alternative supplies. Since the EU imported about 40% of its gas from Russia last year, it will need to tap multiple sources of fuel – as well as raise renewables output – to meet demand.
The EU, Israel and Egypt will also expand cooperation on clean energy projects. Any possible agreement will require the support of EU member states.
See also: Ukraine stops the transit of a third of gas to Europe due to the actions of the Russian occupiers
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