NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Mideast energy forum takes shape to promote gas exports

Published 21/09/2020, 14:14
© Reuters. FILE PHOTO: Israeli Energy Minister Yuval Steinitz speaks during an interview with Reuters in Athens
NG
-

JERUSALEM (Reuters) - Seven energy ministers will sign the charter of a new Middle East energy forum that will promote natural gas exports from the eastern Mediterranean to Europe and other markets, Israeli energy officials said on Monday.

"The East Mediterranean Gas Forum, which until now has been a stage for discussions only, is in fact becoming a real international organization," said Energy Minister Yuval Steinitz.

Ministers from Egypt, Israel, Greece, Cyprus, Jordan, the Palestinian Authority and Italy will finalize the group's charter on Tuesday in a virtual ceremony and work to create a "joint vision" for the region, according to a senior Israeli energy ministry official.

"The forum will help bring a welcome normalization of regional relations, one that will help promote and develop the gas sector in Israel, and of course natural gas exports from Israel to its neighbors, to Europe and other regions," said the official.

Other countries, including France and the United States, may join the forum as well.

Large gas deposits have been discovered in Israeli, Egyptian and Cypriot waters in recent years. Israel has already begun exporting to Jordan and Egypt, which hopes to become a regional energy hub.

© Reuters. FILE PHOTO: Israeli Energy Minister Yuval Steinitz speaks during an interview with Reuters in Athens

Egypt has two liquefied natural gas (LNG) plants that have been idled or running at less than their potential capacity and can be used for exports.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.