The agreement between the 2 countries provides for the extension of bilateral energy cooperation to the following areas:
- LNG marketing
- Exploration and production of natural gas
- The prospect of interconnection of the natural gas systems of the 2 countries, with the construction of a submarine pipeline
Greece, meanwhile, wants to position itself as a hub for gas trade and seek out additional supplies to support its transition away from coal-fired power.
Costas Skrekas, stated:
- The agreement upgrades Greece’s geopolitical role as a gas transit hub for the whole of Southeastern Europe, ensuring adequate supply and diversification of sources and routes
- The role of gas in the coming years will be extremely crucial, in view of the green transition and the emblematic reform of the de-lignification of our energy mix
- The strengthening of the bilateral cooperation with Egypt, which has rich know-how in the exploration and production of natural gas, will significantly benefit the Greek companies, such as DEPA and EDEY
The electricity connection, which was the 1st in the region of the Southeastern Mediterranean, will be done by laying a submarine cable that will carry green energy.