Egypt, EU eyes tripartite MoU to deliver LNG to Europe

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Arab Finance: Egyptian Minister of Foreign Affairs Sameh Shoukry and European Commissioner for Neighborhood and Enlargement Olivér Várhelyi probed the possibility of inking a trilateral EU-Egypt-Israel memorandum of understanding (MOU) to deliver liquefied natural gas (LNG) shipments to Europe, as per a statement.

This will assist Europe in diversifying its gas sources, reducing reliance on Russian gas, and identifying new dependable partners for gas supply.

Várhelyi expressed the European Union’s (EU) pride in being Egypt's foremost trading partner, accounting for 27% of the total trade conducted by the country.

He further mentioned that EU companies have contributed 32% to the total foreign direct investment stock in Egypt.

Várhelyi and Shoukry discussed the achievements of the Economic and Investment Plan, aiming to generate €9 billion in investments for fostering growth and employment in Egypt.

The primary focus is on crucial sectors such as food, water, and energy, essential for a sustainable economy.