Greece – Egypt sign Memorandum of Understanding on gas cooperation

Defence Redefined

Published on 26/11/2021 at 17:00

The Minister of Environment and Energy, Costas Skrekas, travelled to Cairo yesterday Thursday where a Memorandum of Understanding (MoU) on Greek-Egyptian cooperation in natural gas was signed with the Minister of Oil and Mineral Resources of Egypt, Tarek El Molla.

It is worth noting that the agreement between the two countries provides for the expansion of bilateral energy cooperation in the following three areas:

• Liquified Natural Gas (LNG) trade
• Exploration and production of natural gas
• The prospect of interconnection of the natural gas systems of the two countries, with the construction of an underwater pipeline.

More specifically, the closer cooperation between the two countries in energy was agreed at the meeting that the Prime Minister, Kyriakos Mitsotakis, had in Athens in November 2020 with the President of Egypt, Abdel Fattah El-Sisi, and was confirmed during the Prime Minister’s visit to Cairo last June. 

The three areas of cooperation in natural gas included in the MoU were the focus of the joint Greek-Egyptian Committee, which was established in April 2021 following a joint decision of the Greek Minister of Environment and Energy and the Egyptian Minister of Oil and Mineral Resources.

The Memorandum of Understanding of the two Ministries paves the way for the signing of specialised agreements in the three areas of cooperation between Greek and Egyptian companies, such as DEPA, EDEY and DEPA International Works.

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In the capital of Egypt, Mr. Skrekas also participated in the work of the 6th Ministerial Meeting of the East Mediterranean Gas Forum. Among other things, the results of the recent United Nations Climate Change Summit (COP 26) were discussed along with the long-term strategic objectives of the Forum.

The Minister of Environment and Energy, Costas Skrekas, stated: “The Memorandum of Understanding between our country and Egypt is another important step in deepening our strategic relationship, which is a factor of stability, security and prosperity in the Eastern Mediterranean region. The agreement upgrades Greece’s geopolitical role as a gas trading hub for the whole of Southeastern Europe, ensuring adequate supply and diversification of sources and routes. The role of gas in the coming years will be extremely crucial, in view of the green transition and the emblematic reform of the de-lignification of our energy. The strengthening of the bilateral cooperation with Egypt, which has rich know-how in the exploration and production of natural gas, will significantly benefit the Greek companies, such as DEPA and EDEY.”

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