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Greece’s alliance with Egypt is expanded with a new agreement in the energy sector

Greece currently gets gas mostly from Russia, Algeria and Azerbaijan, Egypt plays a vital role in international energy markets through its operation of the Suez Canal and the Suez-Mediterranean Pipeline.

Greece’s alliance with Egypt is expanded with a new agreement in the energy sector

Cairo, November 29 - Neftegaz.RU. Egyptian Oil Minister Tarek El Molla had a meeting with Greek Minister of Environment and Power Costas Skrekas in Egypt.
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
Egyptian gas production has soared in recent years on the back of the development of the Zohr field and other offshore gas deposits.
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
Greece and Egypt have also established a joint Exclusive Economic Zone and on October 14 signed a MoU for the electrical interconnection of Athene with Cairo.
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.

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