Israel and Egypt are in extensive talks to build a new sub-sea natural gas pipeline between the two countries as part of a $15 billion export deal, Israeli Energy Minister Yuval Steinitz has revealed.
According to Bloomberg, the new pipeline would allow Israel to export much more to Egypt than the maximum seven billion cubic metres per year that can flow through the existing EMG pipeline that currently connects southern Israel to Egypt’s Sinai peninsula.
“There’s no final decision yet, but there are talks,” Steinitz told Bloomberg in an interview in Cairo, where he took part in the first East Mediterranean Gas Forum.
Related article:IRENA discusses renewable energy with Egyptian prime minister
“Today’s meeting is extremely important, as it delivers a very important message to the international community that we’re working together in order to exploit our natural resources.”
The event was aimed at boosting cooperation among the region’s nascent gas producers, consumers and transit countries. The next meeting will take place in April.
The deal would see Israeli gas exported to Egypt for more than a decade and would transform the eastern Mediterranean into an energy export hub.
Construction could begin as early as next year.
Related article:NT schools go solar powered