Egypt’s strategy to be a regional energy center includes importing gas from countries in the Mediterranean including Israel and Cyprus, Ministry of Petroleum spokesman Hamdi Abdulaziz said Tuesday.
Egypt has needed infrastructure like pipelines and liquefied gas plants, which would be expanded by adding new plants, Abdulaziz said in a statement.
He said a law to organize the gas market allowed companies to buy, import and sell gas in local market, or re-export it through the liquefied plants.
This law, said Abdulaziz, would have an added value for the Egyptian economy by benefiting from imported gas.
He said importing gas from Israel was part of the strategy, which also aimed at achieving gas self-sufficiency during 2019.
The Israeli government said Monday it signed a USD 15 billion agreement with Egypt to export natural gas to the north African country for 10 years.
“This agreement will have economic benefits for Israel to finance projects in education, health and social prosperity,” Israeli Prime Minister Benjamin Netanyahu said in a statement.
Israeli press reports said Israel would supply Egypt with 64 billion cubic meters of gas during the 10-year agreement.
Source: Kuwait News Agency