The European Union has signed a Memorandum of Understanding (MoU) with Israel and Egypt and the deal has been aiming at using the energy potential of the Eastern Mediterranean for the purpose of covering the shortfall in the energy supplies to the continent of Europe.
In the wake of the war in Ukraine, Gazprom, who is the energy giant of Russia has halted the gas flows to the countries including Bulgaria and Poland now it has drastically decreased supplies to Germany, France and Italy.
Ursula von der Leyen, president of the European Commission said, the deal had been a big step forward in the energy supply to Europe that is going to be putting an end to the dependence of the European Union on the fossil fuel from Russia and Karine Elharrar, energy minister of Israel has also pointed out that, Israel and Egypt making a commitment for sharing their natural gas with Europe for helping them with the energy crisis.
Tarek El Molla, minister of petroleum of Egypt said that, an important milestone for the cooperation between the Israel, Egypt and the European Union and this move has been a benchmark that has been opened the road for the conclusion of more deal in the future.
The European Union has declared that, it is also going to help Egypt and Israel increasing exploration and production of the gas in the respective territorial regions of the countries and the European Union also pledged a relief worth 104 million dollars to Egypt.
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