A deal is expected to be signed between the European Union and Egypt later this June, by which Egypt is to supply Europe with gas.
A draft document reported by Bloomberg stated that the deal involves Israeli gas that will be liquified in Egypt who will ship it to Europe.
The deal is expected to be signed during the visit of Ursula von der Leyen, the president of the European Commission.
This comes as the European Union is working on decreasing its reliance for gas imports on Russia, especially after the latter’s decision to cut gas supplies to several European countries including Germany and Denmark as they didn’t agree to pay for Russian gas in Rubles; A requirement Russia has set after the start of the conflict in Ukraine.
Egypt is at the point of self-sufficiency when it comes to natural gas for the last 4 years. Since then, its gas exports are growing and have reached almost $4 billion so far in 2022, which is equal to the revenues of 2021 in total.
Egypt has signed several agreements with European energy companies, including Italy’s Eni, in order to increase production and use its full potential, as Egypt’s goal is to become a global LNG hub.