Israeli experts have hailed the Energy Ministry's recent announcement of negotiations between Israel and the European Union over the export of gas to the bloc through Egypt as "an incredible economic and political opportunity."
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European officials turned to Israel as they seek to diversify gas resources to minimize dependence on Russia due to the Ukraine war. They have already contacted Israel's Energy Ministry Karine Elharrar and her Egyptian counterpart Tarek El-Molla. If all goes according to plan, the deal is expected to be signed in the summer, and the export of Israeli gas to the EU can begin in the winter.
The gas will be sent to Egypt, where it will be liquefied, and from there shipped to Europe, where it will be changed back to gas. As part of the deal, Israel will supply Europe with a relatively small amount of gas – between 1 and 2 billion cubic meters – in the upcoming winter, as Egypt's pipeline expansion project is ongoing. The goal is to double the amount within a few years.
Ratio Energies CEO Yigal Landau said that building a long-term project will require the mobilization of all parties, including government institutions. Ratio Energies owns 15% of the Leviathan offshore gas field.
He also addressed concerns over the shortage of natural gas the export could cause.
"Israel has enough gas for 50 years, so there is plenty of gas, there will be no shortage in gas neither this summer nor at any other time. We know how to plan ahead of time. I can say with absolute certainty that there will not be a shortage."
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