SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EMGF discusses unlocking region's potential
We aim to secure supply, demand, get competitive prices: source
Published in Daily News Egypt on 14 - 01 - 2019

The Ministry of Petroleum held a meeting with the energy ministers of Cyprus, Greece, Palestine, Italy, Jordan, and Israel to agree on the establishment of the East Mediterranean Gas Forum (EMGF).
A source in the oil sector informed Daily News Egypt that the meeting included offering Egypt's oil potentials from pipelines, new discoveries, ports, and factories to liquefy gas and export it to international markets.
He added that the gas forum between the seven countries will contribute to increasing joint cooperation in exploring the untapped potential of member states, where pipelines will be constructed to connect a number of countries to Egypt to transfer their gas production to the factories to be exported to international markets or to import them to Egypt.
The source pointed out that Egypt has a natural gas liquefaction plant, making it the main hub in the Mediterranean region for the export of gas to European markets, as a similar factory will need investments of $7bn and an implementation period of over two years.
He pointed out that Damietta and Idku liquification plans capacity amount to 1.88bn cubic feet of gas per day(cfpd), while the national gas pipelines in Egypt has a capacity of 9bn cbpd.
The member states agreed to put aside any political dispute and cooperate in the EMGF in order to optimize the utilisation of the available resources and achieve the largest economic return for the member states.
In a related context, ministers participating in the forum meeting said that the large gas discoveries in offshore fields in the eastern Mediterranean will affect the development of energy and economic development in the region.
They stressed that the expansion of new discoveries and their optimal utilisation will have a profound impact on energy security in the region, with the need to cooperate in accordance with the principles of international law in the Eastern Mediterranean region between existing and potential gas producers and consumers.
A source in the oil sector said that the forum will contribute to the establishment of a regional gas market which serves the interests of its members and secures supply and demand while obtaining competitive prices in commercial transactions associated with natural gas.
He added that the forum will cooperate with private sector companies working in the gas field, allowing their participation in its activities as part of the advisory group.
The energy ministers of the member states have invited senior officials to start formal talks on the structure of the forum with a view to agreeing on details and returning the ministers to recommendations for discussion at the next meeting scheduled for April 2019.
The ministers affirmed that the Eastern Mediterranean Gas Forum will be based in Cairo, with the possibility of inviting other Eastern Mediterranean countries that produce, consume, or transit gas.


Clic here to read the story from its source.