EU Working on Gas Deal With Egypt, Israel to Shore Up Supply
- Accord would see Israel export the fuel via Egypt’s LNG plants
- EU seeking new gas routes as it diversifies away from Russia
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The European Union is working on a deal to import Israeli gas through Egypt as the bloc rushes to reduce its reliance on Russian supplies.
The fuel would be turned into liquefied natural gas at Egypt’s processing plants before being shipped to the EU, according to documents seen by Bloomberg. An agreement would bolster European market opportunities for Israel, where domestic gas prices are much lower than rates it can charge on the continent.