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The European Union (EU) is set to sign a gas supply deal with Egypt later this month as the bloc looks to reduce its reliance on Russian supplies in the wake of Moscow’s invasion of Ukraine, Bloomberg News reported, citing a draft document.

A memorandum of understanding is also planned to be signed between Egypt, the EU, and Israel during European Commission President Ursula von der Leyen’s scheduled visit to Cairo, Egypt later this month.

Bloomberg reported that a potential deal would see Egypt processing Israel’s natural gas at its processing plants prior to being transferred to the EU.

The deal could also include measures to help reduce methane leaks.

According to the draft document: “Security of gas supply is a common major concern. Egypt and the EU will work together on the stable delivery of gas to the EU.”

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By GlobalData

The EU aims to import ten million tonnes of the green gas from abroad by the end of the decade.

In separate development, Iran and Azerbaijan have agreed on a bilateral cooperation to double the annual volume of Turkmenistan gas swapped through Iran to Azerbaijan.

In December 2021, Iran, Azerbaijan, and Turkmenistan agreed to swap between 1.5 to 2 billion cubic metres of Turkmen gas to Azerbaijan, through Iran.

Signed following a five year suspension in the Iran-Turkmenistan gas trade, the deal is expected to improve sustainable gas flow in the northeastern gas network in Iran.

Iran and Azerbaijan also signed a deal to jointly develop energy fields in the Caspian Sea in the form of a joint committee, reported the Islamic Republic of Iran Broadcasting (IRIB), citing Iran Minister of Petroleum Javad Owji.

Owji added: “The capacity of Iranian contractors is going to be used in the development of oil and gas fields.”

The meeting was held between Owji and Azerbaijan Deputy Prime Minister Shahin Mustafayev.