Kremlin says Joe Biden is wrong that Russia is number one threat    Turkish lira leads EMEA FX losses as geopolitics, virus spike weighs    Saudi-Led coalition says intercepted drone launched by Yemen's Houthis - Saudi state TV    Leicester boss Rodgers delighted with Vardy's impact against Arsenal    Palestinian teen beaten to death after West Bank chase by Israeli army: Report    Juventus shouldn't need a slap to wake up says coach Pirlo    Former Brazil star Ronaldinho tests positive for COVID-19    Oxford COVID-19 vaccine trials produce robust immune response in elderly: FT    Egypt reports 143 new coronavirus cases, 12 deaths on Sunday    Wildfire smoke helps virus spread, mouthwash helps curb it    Polls reopen for second day in Egypt's new House elections    Ethiopia summons US ambassador over Trump comments in dam dispute    UAE merges insurance authority with central bank: Dubai ruler tweet    BREAKING: EU calls for resumption of Ethiopia dam talks    In photos: Egyptian celebrities attend opening of El-Gouna Film Festival's 4th edition    4th El-Gouna Film Festival kicks off despite 'hardships of the cinema industry this year'    Egyptian artefacts among items sprayed with olive oil in several Berlin museums    BREAKING: Egypt's central bank dismisses CIB head Hisham Ezz El-Arab over 'serious violations'    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's c.bank offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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.