Putin on brink of losing EU cash cow as bloc to strike gas deal with Egypt and Israel


Amid the Ukraine war, the EU is continuing to purchase Russia’s natural gas due to its huge reliance on the fossil fuel, handing billions to the Kremlin. And as Russian supplies account for around 40 percent of all its gas imports, this has made it difficult for the bloc to address sanctioning gas. While it has not yet included a gas ban in sanctions package, it has unveiled its REPowerEU strategy which details the blueprint to phase out imports of Russian gas and oil by 2027.

Part of that plan involves purchasing gas from alternative suppliers like Israel and Egypt, which the bloc now appears to be pressing ahead with.

According to a draft document, the EU will sign a gas deal with Egypt later this month.

The draft statement also notes that Israel, Egypt and the EU are all poised to sign a memorandum when Commission President Ursula von der Leyen heads to Cairo.

The draft document reads: “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.”

The deal could involve Israeli natural gas being sent to Egypt to be liquified at the country’s processing plants.

This liquified natural gas (LNG) would then be shipped into the bloc.

Romania is reportedly one of the keenest EU advocates of this, saying in April it would help to bolster the bloc’s energy security.

And this is not the only tactic floated to help the EU slash its dependence on Russian energy.

The European Commission has also been pushing for an oil embargo, but the proposal needs approval from all 27 members of the bloc.

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