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euractiv | EU signs gas deal with Egypt, Israel to end 'dependency' on Russia, 16 June gratification delayed
Ursula von der Leyen also pledged relief worth €100 million for food security in Egypt which has been reeling from grain shortages as a result of the Ukraine war [EU sanctions]
S&P Global GRAPHIC WARING: MY 20/21, 2.5M mt (UA), MY 21/22 3.8M mt (RU)
The memorandum of understanding on gas exports between Egypt, Israel[,"four EU memberstates (Cyprus, France, Greece and Italy)"] and the EU was signed at the East Mediterranean Gas Forum on Wednesday (15 June).
...The activities contemplated in this Memorandum of Understanding shall be without prejudice to, and shall not restrict the ability of, the Arab Republic of Egypt or the State of Israel to export natural gas to other buyers or through other routes.
Nothing in this Memorandum of Understanding will create any legally binding obligations or commitments, or any financial obligations or commitments, between the Sides or in relation to any third party, under domestic or international law. This Memorandum of Understanding does not constitute an obligation to allocate funds.
This Memorandum of Understanding will come into effect on the date of its signature by the Sides and will continue to have effect for a period of three (3) years. It will be renewed automatically for two successive three (3) year periods. ...This Memorandum of Understanding may be terminated by a six (6) months' prior written notice via diplomatic channels by any of the Sides. The termination of this Memorandum of Understanding will not affect any ongoing activity arising out of this Memorandum of Understanding, unless the Sides agree otherwise in writing.
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 [, "Cyprus, France, Greece, and Italy"] via Egypt would require major long-term infrastructure investments.
She also pledged €3 billion in "agriculture and nutrition, water and sanitation programmes over the next years here in the region".
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. Egypt will host the UN COP27 climate conference in Sharm el-Sheikh in November.

by Cat on Thu Jun 16th, 2022 at 10:48:54 PM EST
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