Page 11 - DMEA Week 23 2022

DMEA TERMINALS & SHIPPING DMEA

Egypt and EU poised to sign

MoU on long-term LNG exports

MEA EGYPT is poised to sign a memorandum of connecting its gas fields in the eastern Mediterra-
understanding (MoU) with the EU on deliveries nean to Egypt’s existing LNG plants in Damietta
of gas extracted from Israeli fields in the eastern and Rosetta.
Mediterranean and processed into LNG at Egyp- Additionally, some of the 5bn cubic metres
tian terminals, media sources have reported. per year of Israeli gas that flow to Egypt via the
The signing will take place in late June, when Eastern Mediterranean Gas (EMG) pipeline, a
European Commission President Ursula von der subsea link that runs from Ashkelon to Arish,
Leyen visits Cairo. goes to the Damietta and Rosetta LNG plants.
The EU is keen on deals with gas-rich coun- Accordingly, additional Israeli supplies could
tries in the wake of Russia’s invasion of Ukraine, help the two Egyptian facilities operate at their
to diversify its hitherto heavy reliance on Russian full capacity of 12.2mn tonnes per year (tpy), up
natural gas supplies. from their current utilisation rate of 84%.
By signing the proposed MoU with Egypt, the Egypt’s earnings from gas and LNG exports
EU stands to take a major step forward to secure were up by 98% year on year to $3.89bn in the
a stable supply of gas from the eastern Mediter- first four months of 2022.
ranean over the long term. This came on the heels of a 768% jump in
For some time now, Israel has been expand- natural gas export revenues to $3.95bn in 2021,
ing co-operation with Egypt on this front, compared with $456mn in 2020.™

Syria
Nicosia Baniyas
Cyprus Homs
Gas fields
Tripoli
Oil fields
LNG Refinery Beirut
Port Lebanon
Aphrodite
Pipeline Damascus
Planned Pipeline Tamar
EEZ Border Zohr
Leviathan
Tel Aviv
Raven
Amman
Ashkelon

Idku
Damietta Arish Israel
Port Said Jordan

Suez Canal
Cairo

Egypt Taba Aqaba

100km
100miles

Week 23 09•June•2022 www. NEWSBASE .com P11