Egypt, Israel step in to boost gas supply to EU

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Egypt, Israel step in to boost gas supply to EU

  • Egypt, Israel and the European Union on Wednesday signed a deal to increase liquified natural gas sales to EU countries.
  • Aim is to reduce their dependence on supplies from Russia as the war in Ukraine drags on.

Diversifying sources

  • The deal will see Israel send more gas via Egypt, which has facilities to liquify it for export by sea.
  • The agreement was part of Europe’s efforts to diversify energy sources away from Russia to other trustworthy suppliers.
  • Under the deal, the EU will help Egypt and Israel increase their gas production and exploration in their territorial waters.
  • Last year, the European Union imported roughly 40% of its gas from Russia and has had difficulty imposing sanctions on Russia over its ongoing invasion of Ukraine.

Prelims Takeaway

  • Crude oil and gas supplies
  • Energy security of India