Energy Minister Karine Elharrar on Wednesday signed a memorandum of understanding with Egypt and the EU for the export of Israeli natural gas to Europe over a three-year period, at the end of which the MOU will automatically be renewed for another two years.
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The MOU was signed during Elharrar's visit to Egypt within the framework of the East Mediterranean Gas Forum. According to Elharrar, EU states are expected to use natural gas at least until they can meet their commitment to cut emissions by 2050.
The MOU signatories will act together to allow for the regulated provision of natural gas to EU member-states from Egypt, Israel, and other locations through Egypt's existing gas liquefaction infrastructure. According to the memorandum, the signatories will also be able to export gas to other countries. The agreement is subject to maintaining energy security and supply to the local market.
The EU will encourage European companies to participate in competitive processes and invest in the search for natural gas in Israel and Egypt, according to the MOU.
Following Russia's invasion of Ukraine, the European Union is looking to reduce its dependence on Russian gas and turn to other countries, including Israel, for natural gas.
In a statement, Elharrar said: "This is a tremendous moment in which little Israel becomes a significant player in the global energy market. The MOU will allow Israel to export Israeli natural gas to Europe for the first time and is even more impressive when we look at the series of significant agreements we signed over the last year that situate Israel and Israel's energy market and waters as a key world player."
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