On Tuesday, representatives of 6 countries bordering the Mediterranean signed in the Egyptian capital the charter to transform the Eastern Mediterranean Gas Forum into a regional organization.
The charter of the forum, which includes Egypt, Jordan, Israel, Greece, Cyprus and Italy, was signed. Egypt's accession to the Eastern Mediterranean Gas Organization comes as part of its efforts to transform into a regional energy hub in the region.
Egypt has two liquefied natural gas facilities that have either been suspended or are operating at less than their capacity and can be used in response. Large gas stocks have also appeared in the waters of Israel, Egypt and Cyprus in recent years.
The organization aims to create a regional gas market, rationalize the cost of infrastructure, and offer competitive prices.
The forum was established in early 2019, and the founding declaration included the intention of the energy ministers from the participating countries to establish an organization that respects the rights of members regarding their natural resources, in accordance with the principles of international law, with the aim of securing the energy needs of members for the benefit of the well-being of their people.
About this, the former Egyptian Minister of Petroleum, Engineer Osama Kamal, told Hawar news agency ANHA, saying: "This charter creates high coordination among states, as well as commitment and agreement between countries," noting that "the initiative that Egypt presented with Cyprus, then Greece and Palestine joined it." And Israel, France and America, it was a good political initiative for mutual coordination. "
The former Egyptian Minister of Petroleum explained that activating the initiative today around it from political to economic and transforming it into an organization that has foundations and rules for dealing, and its decisions are binding on everyone who joins it, and therefore it will be beneficial to all in terms of congruence of political views, and to discuss economic mechanisms that lead to increasing value In addition to benefiting from the infrastructure, especially those in Egypt and the Mediterranean as a network or on land, to achieve added value, whether for external partners such as Cyprus, Greece and Israel, or the group of internal partners represented in the group of foreign companies who work and have stakes in These areas.
"Kamal" pointed out that the companies operating in the field of petroleum will seek to join this entity in order to achieve integration, harmony and balance, and the charter will limit all foreign ambitions unjustly in the Mediterranean gas.