Steinitz meets Egyptian petroleum minister in Cairo

Yuval Steinitz Photo: Shlomi Yosef

Israel's first minister to visit Egypt since 2011 will return in May for the establishment of the Mediterranean Natural Gas Organization.

Israel's Minister of National Infrastructures, Energy and Water Resources Dr. Yuval Steinitz has made the first visit of an Israeli minister to Egypt since the Arab spring in 2011. He participated in the first regional natural gas conference and met with his Egyptian counterpart Tarek El-Molla, the Minister for Petroleum.

Steinitz will visit Egypt again in May for the declaration of the setting up of the Mediterranean Natural Gas Organization, which will include Israel, Egypt, Italy, Greece, Cyprus, Jordan and the Palestinian Authority and the EU Energy Commissioner.

In the meeting today, Israel's Ministry of National Infrastructures, Energy and Water Resources said, the two minister discussed cooperation in natural gas exports from Egypt and from Israel to Europe. Last February, Israel's Tamar Partners and Leviathan Partners signed a $15 billion natural gas deal with Egypt's Dolphinus Holdings to export gas to Egypt. The deal, in which the Egyptian government is involved, has yet to be implemented, but is expected to get underway later this year.

Gas collaboration between Israel and Egypt is a win-win situation for both countries, which will help Egypt, a major gas consumer, become a hub for natural gas in the region.

Steinitz said, "I thank the Egyptian Minister of Petroleum for the invitation to visit Cairo. This is further proof that developing our offshore gas fields not only has economic and environmental results but also has major diplomatic and geopolitical significance. We are talking about the most significant ever economic cooperation between Egypt and Israel since the peace agreement was signed."

Published by Globes, Israel business news - en.globes.co.il - on January 14, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Yuval Steinitz Photo: Shlomi Yosef
Yuval Steinitz Photo: Shlomi Yosef
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