The European Union (EU) is working on a deal to import Israeli gas through Egypt as the bloc is looking to lower its dependence on Russian supplies.
The fuel would be converted to liquefied natural gas (LNG) at Egyptian processing plants before being shipped to the EU, according to documents seen by Bloomberg.
Russia’s war in Ukraine has sparked international condemnation and a move by buyers of Russian gas to secure alternative supplies. Since the EU imported around 40 percent of its gas from Russia last year, the bloc will need to seek multiple sources of the fuel as well as raising renewables output to meet demand.
As part of a potential memorandum of understanding, the EU, Egypt, and Israel would also boost collaboration on clean energy projects, the documents further showed.
Any eventual deal would be pending the backing of EU member states.
Sending fuel to Europe would involve Egypt’s LNG liquefaction plants in Idku and Damietta. This is generally seen as a more viable option for the gas-rich East Mediterranean region than establishing new pipelines, which would be costly and take years to operate.
