Israel will be signing a natural gas export agreement with the European Union (EU) will sign a natural gas export deal on Wednesday during a regional energy conference in Cairo, Reuters reported citing Israel's Energy Ministry.
The announcement comes at a time where EU is trying to find alternative resources for natural gas as an attempt to reduce reliance on Russian energy sources.
According to the Israeli ministry, the agreement will allow Israel to export "significant" amount of Israeli gas to the EU for the first time.
Officials predict the Israeli gas to be sent to liquefaction plants in Egypt and then shipped north to European market, Reuters reported. And the framework agreement will be signed by Israel, the EU and Egypt, the media outlet reported citing the Israeli ministry.
It's worth noting that several EU nations have been trying to reduce their dependency on Russian energy sources. For instance, Germany singed a long-term energy partnership with Qatar for the supply of liquefied natural gas (LNG) in March, and earlier this month France started talks with the United Arab Emirates about the supply of oil and diesel.
