The agreement will provide for Israeli natural gas to be liquefied in Egyptian refineries before being shipped to the EU.
The European Union and Egypt, as well as Israel, are preparing to sign a gas supply agreement this month as Europe seeks to reduce its dependence on Russian fuel.
According to Bloomberg , the parties plan to sign a memorandum of understanding in June during the visit of European Commission President Ursula von der Leyen to Cairo.play video
Such an agreement would see Israeli natural gas liquefied in Egyptian refineries before being shipped to the EU.
“The security of gas supplies is a common main concern… Egypt and the European Union will work together to secure a stable supply of gas to the EU,” the draft document says.
It is noted that EU leaders also stressed the potential of African countries to provide not only liquefied natural gas needed to replace Russian fossil fuels, but also green hydrogen in the coming years. The EU plans to import 10 million tons of green hydrogen from abroad by the end of the decade.