CIFF named an Oscar qualifying film festival    Egypt's first telecommunications satellite to provide internet services across the country    Iraq officials: 10th protester dead after overnight clashes    Bolton handed suspended points deduction for failing to play fixtures    Jordan won't impose new taxes in new 2020 budget: Finance minister    Lebanon's leaders make joint appearance at military parade    LIVE: Egypt v Cote d'Ivoire (U23 Africa Cup of Nations)    Leicester will not sell players in January, says Rodgers    Iraq's Sistani says electoral reforms only way to resolve crisis: Representative    Levantine Foundation to hold a symposium in Cairo on Deir al-Serian's manuscripts    Egypt's Minister Ghada Wali to be executive director of UN Office on Drugs and Crime    Presidential decree approves establishing GIU AS in Egypt    Egypt's army exterminated Islamic State remnants in North Sinai: MPs    Egypt's national circus artists Walid and Ahmed Yassin win prizes in Vietnam festival    It's World Children's Day, time to stand up for their rights    Egypt's Orascom reports 25.2% growth in nine-month underway projects    41 st Cairo Int'l Film Festival opens in presence of Egypt's stars    China says will strive to reach ‘phase one' trade deal with U.S.    IMF says Mexico credit line may be cut from current $74 bln    Egypt's Liverpool forward Salah to miss Crystal Palace game in Premier League    Saudi King lays foundation stone of Diriyah Gate flagship    Asian markets fall amid worries phase I U.S.-China trade deal may not be signed in 2019    Egypt's parliament might hold meeting in 2 weeks, speaker says    Gold rises on worries of delay in U.S.-China trade deal    Egypt to be among qualified teams to 2021 AFCON: coach    Egypt's parliament rejects draft law regulating public manners, dress    GERD: One round gone, three left    In support of Africa    Police kill 2 ‘dangerous criminals' in shootout in Upper Egypt's Aswan    Egypt's Zamalek dismisses defender Mahmoud Alaa departure rumours    To prevent dementia, exercise is the answer – researchers say    The Jobs with the best and worst heart health according to Bupa study    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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.