Israel-Egypt $20B Gas Agreement
Israeli company Esramco and UAE-based Mubadala Energy have announced the signing of a non-binding memorandum of understanding with an Egyptian importing entity to export natural gas from the Tamar field, with a potential value of up to $20 billion. The deal involves the export of approximately 80 billion cubic meters of gas between 2031 and 2038, with the possibility of extension until 2043. The goal is to bolster Egypt's position as a regional hub for gas trade and facilitate re-exports to global markets, especially Europe. This memorandum represents an initial step pending the completion of further agreements and regulatory approvals. It comes amid ongoing reliance by Egypt on Israeli gas to bridge the gap between production and consumption.
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