The European Union, Israel and Egypt signed an agreement on the supply of Israeli natural gas to the EU countries through Egyptian terminals. About it informs Associated Press.
“It is known that Russia’s war against Ukraine has revealed the dependence of the European Union on Russian energy resources, and we want to get rid of this dependence,” said the head of the European Commission Ursula von der Leyen during the signing ceremony of the agreement. The document is valid from the date of its signing for three years. After that, it will be automatically extended for another two years.
According to the publication, last year the share of Russian gas imports to EU countries amounted to 40%. The European Union intends to provide financial and technological assistance to Israel and Egypt in the development of their gas producing and gas processing industries.
Four and a half years and €210 billion. This is how the EU assessed the rejection of Russian oil and gas:
Israel produces natural gas at two fields, the total gas reserves in them are estimated at 690 billion cubic meters. Financial support from the European Union will allow Israel to accelerate the development of the third field. Egypt, in turn, will be able to use part of the funds received from the EU to modernize the equipment of gas processing plants, where Israeli gas is converted into a liquefied state and transported in tankers to the coast of the European continent.
On May 19, the European Commission unveiled a plan to transform the energy system of the European Union. It will take the EU four and a half years and 210 billion euros to completely abandon Russian energy sources.
After the imposition of sanctions against Russia, the Russian authorities demand that “unfriendly countries” make payments for gas supplies in Russian rubles. To do this, countries need to open ruble accounts with Gazprombank. Finland, Bulgaria, Poland and the Netherlands have previously refused to purchase Russian gas with payment in rubles.